Hello Friends,
NifTiee intra day levels :
Close 4814
Supports : 4777 / 4747 / 4717
Resistances : 4848 / 4888 / 4919
Since last 2 days markets are consolidating in a narrow range of 50 points for Nifty. Yesterday Nifty was unable to breach our 1st resistance level of 4828 as made high of 4825 & also was unable to break 1st support level of 4777 as made low of 4783. The day was volatile in this narrow range & as told Bears have averaged our their short positions around 4820-4830 levels with revised sl. This situation is when Bulls buy lower & sell higher as this works our mainly in Bull markets & proves some tough time for Bears as they Sell Higher & Square off positions even higher. Since last many months the same has been happening as Bears tried the Best possible way to bring markets down like panic for Swine Flu / Drought etc etc etc.....
Anyways Smart traders may not take this much seriously as they know what they are doing & where is market headed by following the levels, the trend & do not get carried away with misconceptions. Yesterday in markets there was small rally mainly supported by RIL as the stock was maily up by Rs 100 only from Tuesdays closing while other heavy weights were laggards due to some profit booking or bears hammering near 4820-4830 levels. But we may see that soon these levels will be breached & Nifty may see break out from this range to test 4888 & above 4888 we may see huge short covering in markets.
Provisional Fund Flow Figures Rupees Crores for 09 Sept 2009 :
Fii +193
Dii +239
Fii Derivatives -70
Index Futures +8
Index Options -29
Stock Futures -51
Stock Options +3
OI 65k Crores only & Market Turnover at 78k Crores only.
Note : Today inflation nos will be out & may turn +ve after weeks of -ve inflation. Make sure the media does not panic for inflation turning +ve as we may see in future Hike in CRR or Repo rates to reduce excess liquidity into the system. Also GOVT is planning to change the base for Calculation of inflation as we discussed few months back regarding this so no need to repeat again.
Good Day
Regards,
Allies Financial Services
Mumbai, India
Website : http://www.alliesfin.blogspot.com/
