Market continues to trade lower on Wednesday
worries over Euro zone break-up risk due to political turmoil in Italy. All
sectoral indices are in the red except metal stocks are trading marginally
higher. The nifty future has started from 10569 made a high of 10648 & low
of 10539 & closed at 10604.
Market action on Thursday will be
governed by the derivative expiry, which could see the market expiring around
the 10700 levels. We maintain that the indices are still overvalued at this
juncture, and would not advocate entering fresh longs at this point. The 10700
and 10750 levels may act as immediate resistance levels for Nifty, while
supports may come in at 10535 and 10500 levels.
Resistance: 10700, 10750, 10800
Support: 10600, 10550, 10500
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