8 February 2013

MARKET VIEW AND TREND FOR MONDAY

Friday proved the shy day for the market, there was very range bound movement in the nifty of just 40 points. The peak point of the day was 4952 and valley point was 4985.
While the heartening thing for the index bulls is Nifty’s closing above the 5930-mark and not falling much below that level even when there was quite a bit of weakness otherwise, the bear pressure may still be there and we can’t be too certain of a sustainable recovery from here.....
This, however, does not rule out a one-day pullback in the market given the fact that the index showed a candlestick  pattern suggesting indecision among the bears. Even though the SGX Feb Nifty is down by 17 points we still need to see if the Nifty decisively breaks down below 5930-mark and starts moving down further. it has one more support at 5920 to be broken before it tests 5900-mark. However, once the 5900-level is taken out we can expect the index to slide to levels around 5875 and eventually testing the next major support between 5860 and 5840. It would be even better if they can pull up the index, on closing basis, beyond the 5990 – 6010 levels to firmly establish the end of the short term downtrend. However, as of now, it is rather too much to expect.
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RESISTANCE:6000 6030, 6080
SUPPORT      5990, 5950, 5920

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