25 Jan 2008
Market should go with global cue
In a volatile trade yesterday, as we predicted, Nifty could find support above 4980 level which is remaining as crucial today. Next support is expected at 4895, the 200 day moving average. Today some recovery can be seen in the line with global cue. Nifty can face resistances at 5113, 5200 levels on its upward movement.
All the global markets are in a recover rally. Dow Jones closed shop with a gain of 108 points. Asian peers have also extended their gain. Hang seng recovered more than 1000 points.
FIIs were net sellers for 2254 crores while DIIs bought for 1117 crores according to NSE provisional data. The continuous out flow of foreign funds on every rise keep the market volatile.
Crude oil price at above $ 89 a barrel.
Most of the Indian ADrs ended in losses yesterday.
Nifty January 2008 futures were at 5001, a steep discount of 32.45 points as compared to spot closing.
The total turnover in NSE’s futures & options segment amounted to Rs 39442 crore as compared to Rs 36073.86 crore on 23 January 2008.
Market breadth was highly negative. NSE advance declines was 184:989.
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