It was a bad week for our market, after nine sessions of positive trade market ended below the 20DMA for the second day on Friday. Opinion is divided among experts about market trend now being weak.
On Yesterday Indian market closed in negative terrain. SENSEX closed at 17591, down 48 points, and nifty at 5262, down 11 points from the previous close.
The US market have closed in the Negative territory, Dow jones closed at 11018.66, down by 125.91 points, Nasdaq closed at 2481.26, down by 34.43 points, S&P 500 closed at 1192.13, down by 19.54 points from its previous close.
The Asian Markets in Negative zone. So we expect a Negative opening in Market.
This week is the RBI credit policy (on Tuesday) and many feel market direction will be clear once results season is over. As we said in our earlier post that Nifty has a small support around 5245, and market not sustained below this level. Our view is same on Nifty if it sustain below 5245 then It can touch 5200-5180. and this 5180 is a very strong support for Nifty. While upper side resistance around 5290-5325-5335.
Traders are suggested to follow the levels. AUTO and BANKING SECTOR may face selling pressure in today's trading session.
GESHIP: Buy around 320-325 with sl below 307 for tgt 370+
No comments:
Post a Comment