MARKET VIEW FOR THIS WEEK.
This week I expected a breakout and it had not happened but nifty managed to close above the 4500 levels. IIP data was robust and I think this factor keeps nifty above 4500 levels. Monsoon factor was a big hurdle, which grips nifty from further up move. FII’s this week sold for more than 1000 crores and bought for only 600 crores and DII’s were only buyers for nearly 1400 crores. Again this week a tight range pattern was formed in the price chart. By and large this week nifty traded in tight range and closed in the positive range.
MARKET VIEW FOR COME WEEK. [17/08/09-021/08/09]
Today (15/08/09) PM discusses drought measures with ministers and in next week a serious of meeting are to be conducted regarding drought relief. In HINDU magazine I read this message and I think this will be a main focus for next week trade. As monsoon deficiency would lower the economy projection, the drought measures will have keen importance, I feel so. To my knowledge, IIP data growth rate rather offset the down trend still economy growth rate cannot be achieved as projected earlier. However this data may give some hope for market players. I feel, come week FII’s would be buyers because of robust IIP data, would it happened then come week nifty might see a breakout. Still 4655 levels must be crossed with good volume to have an up move. Come week I feel nifty would see an up trend. Let’s see what happens.
MARKET VIEW FOR MONDAY.
Any news about drought will have an impact in the market. Global cues too have to be considered. 4570 levels is very critical support and 4655 levels critical resistant to watch.
NIFTY LEVELS.
Technically in the price chart a continuation pattern was formed and would suggest buying nifty only if it able to break 4655 levels with good a volume. I suggest visitors to stick to levels trade with strict stop loss.
SUP: 4570, 4513, 4390, and 4340. RES: 4620,4655,4702,4734. STOP LOSS: 4570.

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