4 Mar 2008, 9.00 am
Markets need a reason to pull back.
Nifty yesterday struggled to sustain above the 200 day moving average (5052) and then 5000 mark in the initial hours of trade and finally it lost ground and the psychological level is broken badly, then closed near to its intraday low. The investor's confidence is looking turned negative. We are looking to the 61.8% of the Fibonacci level, 4867 in the daily chart of Nifty. If the bulls are failing to protect this point, it will make more troubles. 4800 is another support which was tested on Feb 11th. The level of 5050 can be treated as an immediate resistance.
After the big sell off, market actually need a reason to do a pullback. Mainly looking to the global markets. We need a buying support from them. US markets were yesterday performed a volatile trade. Some bottom fishing was seen at 12100 level of Dow Jones. The Index closed flat to negative on Monday with a loss of 7 points. It was recovering the day's losses in the last minutes of the trade. Asian markets are also trading in green zone. But, it is not a time to tell the bad things are over. Fears in inflation, fuel price and economic worries may hit the markets again because the downside momentum created in last few days indicates some more bottom to come. That may not be suddenly, but after a technical correction to the fall.
Foreign funds were big sellers on Monday, for 711 crores. DII's buying was thin to 80 crores.
Nifty March 2008 futures were at 4882, at a discount of 71 points as compared to spot closing of 4953.
On a weak dollar value, crude price correctd the record price, hitting $ 103.90 a barrel and closed at $ 102.45.
Indian ARD prices fell down 3-5 % on NYSE. IT stocks hits badly.
Markets need a reason to pull back.
Nifty yesterday struggled to sustain above the 200 day moving average (5052) and then 5000 mark in the initial hours of trade and finally it lost ground and the psychological level is broken badly, then closed near to its intraday low. The investor's confidence is looking turned negative. We are looking to the 61.8% of the Fibonacci level, 4867 in the daily chart of Nifty. If the bulls are failing to protect this point, it will make more troubles. 4800 is another support which was tested on Feb 11th. The level of 5050 can be treated as an immediate resistance.
After the big sell off, market actually need a reason to do a pullback. Mainly looking to the global markets. We need a buying support from them. US markets were yesterday performed a volatile trade. Some bottom fishing was seen at 12100 level of Dow Jones. The Index closed flat to negative on Monday with a loss of 7 points. It was recovering the day's losses in the last minutes of the trade. Asian markets are also trading in green zone. But, it is not a time to tell the bad things are over. Fears in inflation, fuel price and economic worries may hit the markets again because the downside momentum created in last few days indicates some more bottom to come. That may not be suddenly, but after a technical correction to the fall.
Foreign funds were big sellers on Monday, for 711 crores. DII's buying was thin to 80 crores.
Nifty March 2008 futures were at 4882, at a discount of 71 points as compared to spot closing of 4953.
The NSE's futures & options (F&O) segment turnover was Rs 36,591.82 crore, which was lower than Rs 49,083.49 crore on Friday, 29 February 2008.
Market breadth was highly negative. NSE advances:declines were 85:1106On a weak dollar value, crude price correctd the record price, hitting $ 103.90 a barrel and closed at $ 102.45.
Indian ARD prices fell down 3-5 % on NYSE. IT stocks hits badly.