16/03/2010 - Market cues & calls

World markets got a Nuclear shake from Japan Yesterday. Indian markets short lived in that shake. Some time before one of my friend used to say When Charts are strong Outside Fundamentals wont affect all of the sudden. Still I wont agree with him. Always be hedged or play Intraday. So whats with Nifty today? Lets see

Fundamentally as we are heading for RBI meet tomorrow. So market could take a breather today. After there is no Funda to be watched until Expiry. The way these bulls hold nifty it looks RBI may come with 25 bps as Inflation eases. so Lets wait for the outcome.

Technically Nifty Broken the low (5408) of last week range. Now until Last week high (5568) breaks strength will be sold for 5200 to 5000 levels. which we saw in past. So key level for bulls is 5568 on upside on closing basis. On Intra day charts no patterns formed. Every high has been sold with high volumes which Indicates Nifty getting supplied at higher levels. Only a Greater demand at higher levels can overcome this supply. So chart says we could witness a flat day . Key level for the day at 5480.