15 March 2013

NIFTY OUTLOOK FOR MONDAY

The market retained positive zone in morning trade. The market reversed direction and slipped into the red in mid-morning trade. Finally nifty ended at 5874. Monday, the levels to watch out for are the range between 5880 and 5900 as a major support area in case there were to be any profit taking led sell-off. In our view, it is unlikely that we would see the Nifty staying for any significant length of time below the 5880-mark even if there were to be any selling pressure at any point in time barring any catastrophic developments....
On the way up, initial supply is likely between 5925 through 5945 range. This is the first critical supply zone, which--once overcome—would lead to an attempt to get past the 5950-major resistance. Above that 5980  is  the level to encounter before it tests 6000 through 6020 major supply area.
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RESISTANCE:5890 5920, 5960
SUPPORT:     5880, 5840, 5830

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