6 February 2013

MARKET TREND TODAY AND NIFTY OUTLOOK FOR 7 FEB 2013

Nifty  continued to reel in trade today, ending Wednesday’s session on a flat note. Nifty  managed scrape past the finishing line in the green, ending the listless session up nearly 3  points at 5959.20.The index took support at the anticipated range between 5950 and 5930. Since it was a major support zone and the market has been six consecutive sessions, we expect a bounce back mostly on the back of short covering that began in yesterday’s session. The same range would provide support while initial resistance is likely between 5970 and 5990....
We can expect a sustainable pull back  however, any failure to clear 6020 on closing price basis and the index closing even below 5997 would mean the downtrend would most likely gather further steam in the short run.Suppose if it were to move up beyond 6020-level, the next resistance levels are around the level 6040 and strong supply is likely to come between 6050 and 6060.
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RESISTANCE:5990 6000,6040
SUPPORT      :5980, 5950, 5920

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