Nifty is taking resistance around 5220 and not able to close above 5200 that is it's psychological resistance level. Yesterday Indian market traded positive with good buying in real estate , banking and energy stock, But at final hour profit booking in market led Indices near day's low and finally Sensex closed at 17265.87 up 70 points from the previous close while the NIFTY closed at 5178.90, 22 points up from the previous close.
The US market closed in red zone, The Dow jones closed at 10782.95, down by 113.96 points, Nasdaq closed at 2394.36, down by 30.66 points & S&P 500 closed at 1157.44, down by 14.23 points, from its previous close.
The Asian markets are trading in Negative terrain.
Risk ratio conitnues to remain high as the global markets have not yet returned to stability the markets are thus expected to remain volatile with wild swings on either side. Nothing much change in Levels, Nifty trading in narrow range between 5120 to 5220, Nifty R1 is 5200, R2 5240, & S1 5120, S2 5080. (R= Resistance, S=Support)
Stock for watch:
Bharti Airtel: Looking weak on charts might touch 240-230 in near term, and if sustain below 230 then we don't know where the stock can go. But those who believe in the story of telecom & Fundamental of Bharti can start buying on dips with strict sl below 230, stock can touch 275-290 in near term. It's not a call It's only a View
M&M can touch 580-590 in near term.
Traders can also watch Godrej Consumer Product & PFC for quick gain.
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