18 June 2008, 9.30 am
Broad market may continue uptrend
Yesterday, with strong buying support, Nifty could break the resistance and closed at a strong position. So we expect the uptrend will continue for short term. On some profit taking, Nifty may test supports at 4620 and 4595, which can be treated as a healthy correction is broad market. The major resistance is expected at 4700-4730 zone. A closing above 4730 can give a medium term uptrend breakout.
US indices closed in a red zone yesterday. Dow lost 109 points when other US indices closed with marginal losses. Asia market is responding cool to the US cue. Most of them are in a flat to green zone. Nikkei is up 57 points and HSI up 146 points.
Tuesday Facts:
Nifty June 2008 futures were at 4639.35, a discount of points 13.65 as compared to spot closing of 4,653.
NSE's futures & options (F&O) segment turnover advanced to Rs 42624.38 crore from Rs 40,166.83 crore yesterday, 16 June 2008.
NSE advances : Declines was 862:317
Crude oil at Nymex closed at $ 134.01 a barrel.