Monday, August 17, 2009

YESTERDAY CALL
Today nifty hit three supports.
MARKET VIEW FOR TODAY
I feel monsoon factor should be the reason for this steep fall. I didn’t expect this. FII’s were net sellers for 1220crores, market breath was negative with 50 declines. The volume was low; any decline without volume is not bearish. To my knowledge I see today’s as a profit booking session.
MARKET VIEW FOR TUESDAY
In Independence Day speech our honorable prime minister had mentioned that restoring the 9% growth by increasing the capital inflow, encouraging exports and public expenditure. I suggest visitors to watch the drought measures news and trade accordingly sticking to the levels.
NIFTY LEVELS
Technically in the price chart a weak pattern was formed but the volume was low. I feel tomorrow there might be a bounce back in the market. I suggest visitors to trade with strict stop loss for any buying.
SUP: 4390, 4340, 4280, and 4240. RES: 4440,4480,4513,4570. STOP LOSS: 4340.

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