12 May 2008, 8.00 am
4900 may be tested
The hourly indicators on Nifty show the some oversold condition ins the market. So some short covering may be seen when Nifty test the 4900 level, which is the next support level. 5050 can be acted as the immediate resistance level. Market likely to consolidate in this zone today. The crude oil price and inflation are the major threats to the bulls in market.
US markets are continuing fall. Dow slipped another 120 points. Asian markets are also in same mood. Nikkei is down by 23 points. Global sentiment is remaining weak.
4900 may be tested
The hourly indicators on Nifty show the some oversold condition ins the market. So some short covering may be seen when Nifty test the 4900 level, which is the next support level. 5050 can be acted as the immediate resistance level. Market likely to consolidate in this zone today. The crude oil price and inflation are the major threats to the bulls in market.
US markets are continuing fall. Dow slipped another 120 points. Asian markets are also in same mood. Nikkei is down by 23 points. Global sentiment is remaining weak.
Nifty May 2008 futures were at 4978, at a discount of 4.60 points as compared to spot closing of 4982.60.
The NSE'S futures & options (F&O) segment turnover was Rs 34,951 crore, which was higher than Rs 28,943.79 crore on Thursday, 8 May 2008.
NSE market breadth is highly negative. Advances : Declines was 201:996
FIIs were net sellers in capital segment for 619 crores.
Crude oil hits another record price - $ 126.05 a barrel