7 Jan 2008
Over bought market may see correction
The momentum indicators in hourly technicals of Nifty gives an over bought condition in the market. It is found necessary to do some technical correction in the medium/long term bull market. Nifty have done a quick rally from 5700 to 6300 in a very short term. The attraction was that the movement was irrespective of the global cue or other Asian indices.
A correction up to 6151 in nifty will be healthy for time being. Before this level it has a trend line support at 6180 level.
The further movement in market is depended on the third quarter results to be published in coming days. The IT major Infosys Technologies will announce results on 11 January 2008.
In the last trading day US indices closed with a big loss of 256 points (1.96%) as the economic data was disappointing investors' confidence. The sentiment is now spread to allover Asian markets in this morning session. Nikkei, Hangseng and other Asian indices are trading in losses.
Crude price is stable at above $97 a barrel.
FIIs net buying was thin as 16 crores in Indian equity market on Friday. DIIs continues their buying support.
Inflation based on the wholesale price index (WPI) moved up to 3.50% for the week ended 22 December 2007, as compared with 3.45% in the week ended 15 December 2007, primarily due to the increase in prices of manufactured goods and fuel items.
APTECHT, ARVINDMILL, BONGAIREFN, ESSAROIL, HINDOILEXP, HOTELEELA, IVRPRIME, JPHYDRO, NAGARFERT, RAJESHEXPO, TTML are banned in F&O Sement of NSE.
A correction up to 6151 in nifty will be healthy for time being. Before this level it has a trend line support at 6180 level.
The further movement in market is depended on the third quarter results to be published in coming days. The IT major Infosys Technologies will announce results on 11 January 2008.
In the last trading day US indices closed with a big loss of 256 points (1.96%) as the economic data was disappointing investors' confidence. The sentiment is now spread to allover Asian markets in this morning session. Nikkei, Hangseng and other Asian indices are trading in losses.
Crude price is stable at above $97 a barrel.
FIIs net buying was thin as 16 crores in Indian equity market on Friday. DIIs continues their buying support.
Inflation based on the wholesale price index (WPI) moved up to 3.50% for the week ended 22 December 2007, as compared with 3.45% in the week ended 15 December 2007, primarily due to the increase in prices of manufactured goods and fuel items.
APTECHT, ARVINDMILL, BONGAIREFN, ESSAROIL, HINDOILEXP, HOTELEELA, IVRPRIME, JPHYDRO, NAGARFERT, RAJESHEXPO, TTML are banned in F&O Sement of NSE.
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31 Dec 07