Greed factor finish the Top & Fear factor makes the Bottom....

Yesterday Under the weak global cues Indian Indices traded in Red thorough out the day, however managed to cover some of it’s loses in the final hour pull back. METALS and CAPITAL GOODS STOCKS faced maximum sell off.

SENSEX closed at 16987, down 100 points and NIFTY at 5090, down 34 points from the previous close.

US market fall the most in a year on the back of continuing Greece concerns and potential erroneous transactions. The Dow jones fell 3.2% from its previous close (Dow Jones drops 700 points in 15 minutes and recovers 600 points in next few minutes.*Shocked* ). Even the Nasdaq and the S&P 500 down by 3.4% and 3.2% respectively.

The Asian markets are trading in the negative territory.

Indian Indices may open lower today on the back of Global cues.

Now Nifty's Immediate support around 5040-5020 and long term support around 4946-4950 (4946 is 61.8 retracment level & 4950 is 200 DMA), traders are suggested keep a close watch around these levels and start accumulating good quality stocks. At upper side Resistance are 5140-5190, Traders & Investors should generate cash on every rise, market looking like beginning of bear face, the view could go wrong if Nifty bounces back above 5200 and close above it, which is not fit in present scenario.

The RIL-RNRL case is expected to remain in focus ahead of the court decision.

Keep in mind the bottoms are made from fear and not the Greed factor which is yet to be seen.

Traders can look for Banking stocks for quick gains.

Yes Bank buy on dips.

Traders can watch CIPLA, SUNPHARMA, & ZYLOG for buying.

CAIRN INDIA and ABB looking weak on charts.

Sugar sector saying from last two posts, Yesterday sugar sector given 3-4% up move in down market. :)