Market opened a gap down on Friday on weak global cues and witnessed strong short covering @ the end session. Realty's was a worse hit due to some news on Government's new land policy, while bank and IT index gave support. so what are cues for this week? Looks a week of VIX for Indian markets as we have expiry followed by general budget 2010. Market participants expecting a good budget this time.I advice safe traders to stay away this week or hedge your positions properly. US markets closed flat. Europe closed +ve, Asian markets trading firm on +ve territory.so lets see what technical charts says for nifty today.
Nifty did all its downside target mentioned on Friday and cannot able to cross 4894 level. Nifty moving sideways in the band of 4730 to 4930. Looks we will break this band either side in coming days. Nifty getting resisted around 4920 range as said in earlier column. A good break with volumes will make it cross 5000 and 5050 this time. Today looks like we gonna witness the volatile move,Nifty On upper side breaking 4866 will move up to 4885 and 4915 and downside breaking 4823 will move down to 4812 and 4795. 4699 on closing basis looks bulls quit point in coming days. As I said before if markets move in +ve territory SBIN will be a major player until given stop loss takes out play for 2000 and 2100 target in that.
Nifty fut Break out levels :: 4802 and 4890
Happy trading !!!!!!!!!
Jay
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