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Stock Markets Stock Markets “Stock Mkts are trading at a very crucial level”
Stock Markets Stock Markets “Stock Mkts are trading at a very crucial level”
| “Stock Mkts are trading at a very crucial level” |
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| Written by Samrat Khanna |
| Tuesday, 07 July 2009 03:09 |
 Nirmal Bang:The benchmark indices closed flat after trading extremely volatile throughout the session. The Sensex closed at 14,658 up 13 points, after fluctuating between an intraday high of 14,764 and low of 14,469. The Nifty witnessed a swing of 94 points between a day's high of 4383 and low of 4288, before ending at 4349 up 8 points. The market breadth was positive throughout the day and the cash volumes were also higher then previous day. Markets are trading extremely volatile and players are very skeptical ahead of the budget. The trend is weak but nifty is still holding some important support levels of 4240?4140. There is lot of selling pressure at higher levels in the index pivotal like Reliance, Bhel which is dragging the momentum down. Markets are trading at a very crucial level from where the nifty can rally 8% on either side taking cues from the budget. We believe that one should wait for the clear trend to emerge and then look for a great buy. If nifty manages to trade above 4440 then one should stay long and if it breaks 4270 then go short Metal and power stocks witnessed buying interest while capital goods, banking, auto and telecom stocks witnessed selling pressure. Inflation for the week?ended June 20 stood at ?1.30% versus ?1.14% on week?on?week basis. For tomorrow and Monday support for nifty is at 4270 and a trade below this level could bring severe selling pressure into the system.On the higher side if 4380 ? 4440 level is taken out then markets might rally higher. The trend still remains cautious as nifty future is still trading below some important resistance point of 4380?4450. Unless nifty break and sustains above 4450 fresh buying should be avoided. On an intra?day basis 4305?4270 should act as a strong support area. |