NSEgems

17 June 2008, 9.30 am

Nifty support at 4540, 4490

The Broad market likely to consolidate above 4490, which will keep the current short term uptrend. The Nifty yesterday could hit the immediate target and corrected a bit after the strong opening. The index was finding resistance at the hourly trend line. The expected support is at 4540 and then 4490. On the upside, breaking 4620 can be give further momentum to hit 4680.

The US markets yesterday closed mixed. Nasdaq added 20 points while Dow Jones closed in a loss of 38 points. In this morning Asian cues are also in negative mood. All Asian indices are marginally down.

Monday Facts:

Nifty June 2008 futures were at 4570, at a discount of 2.50 points as compared to spot closing of 4572.50.

NSE's futures & options (F&O) segment turnover was Rs 40,166.83 crore, which was lower than Rs 41,003.40 crore on Friday, 13 June 2008.

Market breadth was positive at NSE. Advances : Declines was 835:345

FIIs were net sellers for 547 crores in capital segment - NSE provisional data.

NYMEX crude oil at $ 134.61 a barrel.