The NIFTY opened the session on a tentative note and registered an intraday high of 4869 levels.
However the selling returned at the higher levels which plunged the index to an intraday low of 4728.
The NIFTY finally closed at 4772 with a loss of 77 points. The index continued its downward movement once it sustained below its 4825-4800 levels and has now tested its recent low level of 4720 levels.
Sustenance below the 4720 level could start a fresh round of decline which would accentuate the index towards the level of 4675 /4600 levels.
Any pullback from the current level is likely to face stiff resistances at the levels of 4825 /4880 /4910 levels.
Wednesday, October 5, 2011
Tuesday, October 4, 2011
MARKET OUTLOOK 4th Oct
The NIFTY opened the session with a negative gap on back of weak global cues.
Thereafter the index traded in a narrow range of 4825-4875 for the rest of the session.
The Nifty finally closed at 4849 with a loss of 93 points. With today’s movement the index has registered a close below its support level of 4900 levels.
Going forward if the index sustain below the 4825-4800 levels then it could decline towards its recent swing levels of 4760 /4720 levels. On the upside the index has resistances at the levels of 4900 / 4940 levels.
A close below the recent swing low of 4720 levels would accentuate the declining momentum towards the level of 4675 /4600 levels.
Thereafter the index traded in a narrow range of 4825-4875 for the rest of the session.
The Nifty finally closed at 4849 with a loss of 93 points. With today’s movement the index has registered a close below its support level of 4900 levels.
Going forward if the index sustain below the 4825-4800 levels then it could decline towards its recent swing levels of 4760 /4720 levels. On the upside the index has resistances at the levels of 4900 / 4940 levels.
A close below the recent swing low of 4720 levels would accentuate the declining momentum towards the level of 4675 /4600 levels.
Monday, October 3, 2011
MARKET OUTLOOK 3rd Oct
The NIFTY opened on a tentative note and registered an intraday high of 5025 levels.
The Index witnessed selling pressure from the higher level which led it to decline to an intraday low of 4924 levels.
The Nifty finally closed at 4943 with a loss of 72 points. The overall movement of the index is currently in the broader range of 4750- 5200 levels.
As long as the index remains in this range we are going to witness choppy and volatile moves in the either direction.
Going forward, the next immediate resistance is placed at 5060 levels. A sustained move past this level would see the index rallying to the next level of 5110 /5170-5200 levels.
On the downside the index has been taking good support at the 4900 levels for the last few session. Hence, these levels should be taken into consideration as crucial support.
A close below the 4900 could see the index declining towards the levels of 4830 / 4750 levels.
The Index witnessed selling pressure from the higher level which led it to decline to an intraday low of 4924 levels.
The Nifty finally closed at 4943 with a loss of 72 points. The overall movement of the index is currently in the broader range of 4750- 5200 levels.
As long as the index remains in this range we are going to witness choppy and volatile moves in the either direction.
Going forward, the next immediate resistance is placed at 5060 levels. A sustained move past this level would see the index rallying to the next level of 5110 /5170-5200 levels.
On the downside the index has been taking good support at the 4900 levels for the last few session. Hence, these levels should be taken into consideration as crucial support.
A close below the 4900 could see the index declining towards the levels of 4830 / 4750 levels.
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