10 January 2013

NIFTY OUTLOOK FOR TODAY AND TOMORROW

Sell STER future below 115 tg 113.20,111.50 sl 117.90
Buy ICICI BANK future above 1190 tg 1199,1209 sl 1180
NIFTY OUTLOOK FOR TOMORROW
The lack lustre market finally ended in the red after opening with a 100-point gap up. The entire day was marred by profit booking across sectors. It seems another shot at the 6000-mark is quite likely right at the opening It seems quite unlikely that a sustained campaign above the Nifty 6000 level is going to be there prior to a corrective phase even if it were to be a sideways correction. The most critical level is 5980 if this level is taken out on the downside, after opening at higher levels, then we are likely to see a lot of selling pressure coming in our market....
Thus, this level needs to be watched with a hawk’s eye .On the way up, we would continue to see 6010 through 6030 range bringing in supply pressures again. As we said earlier, unless we see a close above 6050 happens now, we can’t say that this supply zone just above the 6000-mark is decisively cleared. Till such time that happens, we are not likely to see any sustained upswing.
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RESISTANCE:5990 6030, 6070
SUPPORT      :5970, 5940, 5900

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