10 April 2008, 8.30 am
Volatility indicators are cooling down
In the hourly chart of Nifty, Bollinger Band is converging gradually indicating the the volatility is cooling down and a sharp movement is possible in coming days. The direction should be decided. For the time being we are looking to 4700, 4680, 4630 levels as a supporting platform for an immediate upward movement. 4630 is a very crucial level. 4740, 4775, 4800 are the resistance levels. Breaking of 4800 can be triggered to a rally till 4900. Banking stocks should be watched.
US markets corrected more. Dow Jones lost another 49 points, but could find support above 12450 which is crucial one. Asian markets are moving mixed in this morning and major indices are down.
Nifty April 2008 futures were at 4748, near the spot price of 4747.05.
The NSE's futures & options (F&O) segment turnover was Rs 31,113.78 crore, which was lower than Rs 33,143.36 crore on Tuesday, 8 April 2008.
NSE market breadth was positive. Advances:declines was 844:330FIIs were net sellers for 307 crores in capital segment while DIIs bought for 475 crores, according to NSE provisional data.
NYMEX crude oil hits a new record high at $ 112.20 and closed at $ 110.87 a barrel.
INdian ADRs closed mixed with a negative breadth at NYSE.