Nifty opened positive on strong global cues yesterday. It was an high volatile session in Index. Finance minister said government is concerned about rising inflation and he added measures had been taken but it will take some time to impact.Bank and metal Index went positive where realty and IT index went negative. AD ratio was in favor bulls with 842 stocks advanced and 419 stocks declined on 1261 traded stocks. Europe and US markets closed positive. Asian markets trading flat to negative. lets see some technical trigger for today's market.
After many Luke luster volume session yesterday nifty traded with firm volumes suggest budget participation hanging out. Nifty getting resisted @ 50% Fibonacci level of 4922 and struggled to hold that zone with small intraday correction. MACD on daily charts turned for a buy. 4960 looks an resistance in Nifty spot daily charts. Nifty broken the channel on EOD charts and closed above it. In the below chart blue zone looks strong resitance zone on past few occation which broken with good news before,until we got some good news to trigger out remaining bears market will be subdued. I feel market to trade flat to negative today . Not much levels to watch today on higher side watch 4916/4956 and on lower side watch 4880/4820. yesterdays stock recom went well in particular VIP ind 28%, Raymond Ind 11 % did. Now today Amtek Ind, Jk cement, Videocon looks good.
Nifty fut Break out levels :: 4877 and 4927
Happy trading !!!!!!!!
Jay
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