1 Feb 2008
A new hurdle at 5250 for Nifty, 5070 is critical
As we predicted yesterday, Nifty tested the support of 5070 during the last day's trade. A new resistance level is created at 5250. These support and resistance are very crucial for the market today. Nifty have short term supports at 5070 and 5000 levels. We expect that today Nifty can test the resistance at 5250 and if it could close above that level, a rally can be seen upto 5400.
Technically in hourly chart Bollinger bands indicates the volatility is gradually cooling down as the bands are converging. So a sharp movement can be expected to south or north. Any such movement will decide the short term market direction.
Global cue in this morning is giving positive sign. US indices closed in gain. Dow Jones recovered 200 points again. Asin peers except Nikkei of Japan (-84) are trading in green. So our market should also move in the line.
Accorning to NSE provisional data FIIs were heavy sellers on Thursday. Their net selling was for 3938 crores of rupees while domestic funds bought for 2160 crores.
Market breadth was weak. NSE A:D was 407:761.
Total turnover in NSE’s futures & options surged to Rs 78768.81 crore as compared to Rs 57973.91 crore on 30 January 2008.
Indian ADRs closed mixed in NYSE.
NYMEX crude price at $ 91.75 a barrel.
Archives:
A new hurdle at 5250 for Nifty, 5070 is critical
As we predicted yesterday, Nifty tested the support of 5070 during the last day's trade. A new resistance level is created at 5250. These support and resistance are very crucial for the market today. Nifty have short term supports at 5070 and 5000 levels. We expect that today Nifty can test the resistance at 5250 and if it could close above that level, a rally can be seen upto 5400.
Technically in hourly chart Bollinger bands indicates the volatility is gradually cooling down as the bands are converging. So a sharp movement can be expected to south or north. Any such movement will decide the short term market direction.
Global cue in this morning is giving positive sign. US indices closed in gain. Dow Jones recovered 200 points again. Asin peers except Nikkei of Japan (-84) are trading in green. So our market should also move in the line.
Accorning to NSE provisional data FIIs were heavy sellers on Thursday. Their net selling was for 3938 crores of rupees while domestic funds bought for 2160 crores.
Market breadth was weak. NSE A:D was 407:761.
Total turnover in NSE’s futures & options surged to Rs 78768.81 crore as compared to Rs 57973.91 crore on 30 January 2008.
Indian ADRs closed mixed in NYSE.
NYMEX crude price at $ 91.75 a barrel.
Archives: