8 May 2008, 8.00 am
Support 5.1K under threat
As posted here yesterday, 5100 is tested and protected for the trading day. But the crucial support is likely under threat to maintain. If nifty fails to overcome above to 5160 and hold there, there is possibility to break 5100 and to fell into a new low. A mild support may be seen at 5087, the 13 day moving average, but it is not strong enough to overcome the sell pressure. 5050 or 5000 can be seen on a further fall.
The highly inflammable crude oil price drag the US markets down yesterday. The fuel price quoted a new high at $ 124.75 a barrel during the trade on Wednesday. Dow closed in a loss of 206 points. The indications are to fall more. Tracking western sentiment, all the Asian markets are also in red region. Nikkei is down by 128 points.
Support 5.1K under threat
As posted here yesterday, 5100 is tested and protected for the trading day. But the crucial support is likely under threat to maintain. If nifty fails to overcome above to 5160 and hold there, there is possibility to break 5100 and to fell into a new low. A mild support may be seen at 5087, the 13 day moving average, but it is not strong enough to overcome the sell pressure. 5050 or 5000 can be seen on a further fall.
The highly inflammable crude oil price drag the US markets down yesterday. The fuel price quoted a new high at $ 124.75 a barrel during the trade on Wednesday. Dow closed in a loss of 206 points. The indications are to fall more. Tracking western sentiment, all the Asian markets are also in red region. Nikkei is down by 128 points.
Nifty May 2008 futures were at 5157.10, a premium of 21.60 points as compared to spot closing of 5135.50.
The NSE futures & options (F&O) segment turnover was Rs 33,563.90 crore, higher than Rs 32,856.62 crore on Tuesday, 6 May 2008.
The market breadth at NSE remaining weak. Advances: Decline was 466:723
FIIs were net buyers for 88 crores in capital market yesterday.
All Indian ADRs are down 2 to 6 percent at NYSE.