7 Feb 2008
Nifty completes 61.8% correction
Expected support levels 5400 and 5370 has broken yesterday and completed the Fibonacci level 61.8% correction near 5250. On a recovery move Nifty has found resistance below 5370. Market may be in a trading zone of 5250 to 5400 for time being. Need to be cautious below 5250. Quality stocks can be bought at lower levels.
Global cues are not positive. Dow Jones added 65 points of loss yesterday. Nasdaq has fallen into a bearish zone. Nikkei of Japan has lost 104 points in Morning session.
FIIs were net sellers for 485 crores on Wednesday while DIIs were net buyers for 357 crores, according to NSE provisional data.
Nifty February 2008 futures were at 5280, at a discount of 42.55 points as compared to spot closing of 5322.55. The widening discount indicates some bearish sentiment.
The NSE's futures & options (F&O) segment turnover was Rs 42,234.95 crore, which was higher than Rs 31,121.35 crore on Tuesday, 5 February 2008.
Market breadth was weak. 413 stocks advanced and 759 stocks declines on NSE.
Crude price were falling in the line with equity market, closed at $ 87.05 a barrel at NYMEX.
Archives:
Nifty completes 61.8% correction
Expected support levels 5400 and 5370 has broken yesterday and completed the Fibonacci level 61.8% correction near 5250. On a recovery move Nifty has found resistance below 5370. Market may be in a trading zone of 5250 to 5400 for time being. Need to be cautious below 5250. Quality stocks can be bought at lower levels.
Global cues are not positive. Dow Jones added 65 points of loss yesterday. Nasdaq has fallen into a bearish zone. Nikkei of Japan has lost 104 points in Morning session.
FIIs were net sellers for 485 crores on Wednesday while DIIs were net buyers for 357 crores, according to NSE provisional data.
Nifty February 2008 futures were at 5280, at a discount of 42.55 points as compared to spot closing of 5322.55. The widening discount indicates some bearish sentiment.
The NSE's futures & options (F&O) segment turnover was Rs 42,234.95 crore, which was higher than Rs 31,121.35 crore on Tuesday, 5 February 2008.
Market breadth was weak. 413 stocks advanced and 759 stocks declines on NSE.
Crude price were falling in the line with equity market, closed at $ 87.05 a barrel at NYMEX.
Archives: