Bouncing from supports of 5500 Nifty
As said yesterday there is good support for markets @ 5500 levels for nifty, the same corresponding levels of Sensex were 18300. At one junction we felt that markets were halted in range of 5500 - 5550 during session but in afternoon we saw a sharp recovery.
Today we feel that b4 any fresh run up market should consolidate at current levels.
We would like to show that y markets bounced from lower levels yesterday Technically on charts :
For today also markets will not panic unless yesterdays low is broken. If yesterdays low will be broken then we will see more panic.
Nifty intra day levels :
Close : 5617
Supports : 5550 , 5510 , 5460
Resistances : 5660, 5695, 5725
Updating some sms sent to our group memebers yesterday :
Technical Outlook : As nifty is trading below 5750 can test 5500 - 5550 as these are very good supports , Also Sensex Closes below 19200 , can now test 18200 - 18300 levels
MARKETS ARE DOWN BY 450 POINTS BUT VERY LESS VOLUMES THERE SO THOSE WHO HAVE SHORT POSITIONS PLS TAKE CARE
Markets seems to be halted at this junction as in range of 5500 - 5550 as said in morning, if in afternoon Europe opens good then we can see some recovery. Sensex down by 420 points & Nifty down by 130 points
Last week we had hinted of price hike in Oil prices due to higher crude prices , if this hike comes then the Best beneficiary would be Oil refining & oil marketing companies like : RIL, RPL, HPCL, ONGC, BPCL, IOC, BONGAIGON REF, MRPL, ETC
BSE ( BOMBAY STOCK EXCHANGE ) TO COME UP WITH IPO UPTO MARCH 2008 DILUTING 10% OF EQUITY......... SOURCE CNBC TV18
European markets FTSE trading into +ve while Dow & Nasdaq futures recovering from lower levels, markets also recovering from days low while Reliance pack hits intra day highs
Markets are just 100 points down. As said in morning Banking, capital goods & Reliance pack will lead some recovery. Also Technical levels for nifty 5500 - 5550 helped out as we saw wide consolidation there & upmove. Also oil & refinery stocks outperforming
Market closing updates : Sensex Closes down by 170 points @ 18737 while Nifty closes down by 45 points @ 5617 Nifty futures in Premium by 25 pointsMarket breath -ve, Markets recovered from lower levels, Banking, capital goods, Power & Reliance pack bottomed up.
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