12 June 2008, 9.30 am
Markets to dip on global cue and RBI
as we discussed Nifty faced resistance near 4535. As global cues are weak on oil price and repo rate hike by RBI, Market may be volatile on opening. Immediate support for Nifty is at 4475, which may be broken in opening trade. Next support level is 4435, as the 61.8% of Fibonacci level of the last bounce. These levels are we to be watched today. On the upside, Nifty need to have a foot above 4540 and to close there. 4700 is acting as the tested resistance level for short term.
As oil price at $136.38 is near its previous high, Dow Jones lost 205 points and closed very near to the day's low. Asian markets are also in same track. Nikkei has lost 357 points in morning trade. HSI is down by more than 500 points.
Markets to dip on global cue and RBI
as we discussed Nifty faced resistance near 4535. As global cues are weak on oil price and repo rate hike by RBI, Market may be volatile on opening. Immediate support for Nifty is at 4475, which may be broken in opening trade. Next support level is 4435, as the 61.8% of Fibonacci level of the last bounce. These levels are we to be watched today. On the upside, Nifty need to have a foot above 4540 and to close there. 4700 is acting as the tested resistance level for short term.
As oil price at $136.38 is near its previous high, Dow Jones lost 205 points and closed very near to the day's low. Asian markets are also in same track. Nikkei has lost 357 points in morning trade. HSI is down by more than 500 points.
Nifty June 2008 futures were at 4515.90, at a discount of 7.70 points as compared to spot closing of 4523.60.
The NSE's futures & options (F&O) segment turnover was Rs 45,775.86 crore, which was lower than Rs 53,893.30 crore on Tuesday, 10 June 2008.
Very strong market breadth at NSE. 894:303
FIIs were sellers for 217 crores in capital segment.
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