5 May 2008, 8.00 am
5300-5368 - A crucial resistance zone
The rally from 4630 to current levels was very fast and strong. Nifty is nearing to the medium term resistance zone and still the trend continues. Some heavy resistance is expected at 5300-5368 zone. Medium term profit taking can be seen at higher levels. 5368 is a tested resistance point two times after the big fall of Jan 21 and 22.
5197, 5160 are the expected immediate support levels for today. market may test 5300 on the upside.
Global markets are continuing rally. Dow added 48 points on Friday and Nasdaq closed in a negative zone. All Asian markets are continuing rally. Japanese markets are closed for holiday.
Market breadth at NSE is remaining strong. 681:512.
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Crude oil again moving up $ 116.32 (+3.80) a barrel.
Indian ADRs closed mixed with a positive breadth on Friday
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5300-5368 - A crucial resistance zone
The rally from 4630 to current levels was very fast and strong. Nifty is nearing to the medium term resistance zone and still the trend continues. Some heavy resistance is expected at 5300-5368 zone. Medium term profit taking can be seen at higher levels. 5368 is a tested resistance point two times after the big fall of Jan 21 and 22.
5197, 5160 are the expected immediate support levels for today. market may test 5300 on the upside.
Global markets are continuing rally. Dow added 48 points on Friday and Nasdaq closed in a negative zone. All Asian markets are continuing rally. Japanese markets are closed for holiday.
Nifty May 2008 futures were at 5253, at a premium of 24.80 points as compared to spot closing of 5228.20.
The NSE's futures & options (F&O) segment turnover was Rs 36,304.41 crore, which was higher than Rs 33,950.04 crore on Wednesday, 30 April 2008. The market was closed on Thursday, 1 May 2008, for a public holiday.
Market breadth at NSE is remaining strong. 681:512.
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Crude oil again moving up $ 116.32 (+3.80) a barrel.
Indian ADRs closed mixed with a positive breadth on Friday
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