Crucial Week for Market ? ? ?

After a low opening Indian Indices traded in positive territory supported by European markets and closed in positive terrain. SENSEX closed at 17117, up 95 points and Nifty at 5135, up 25 points from the previous close.

Global cues are weak, The US markets closed in negative terrain and the Asian markets are also trading in red zone.

In our last post we mentioned to book profit and also on yahoo messenger given msg- "We advise u to reduce Leverage position near 17200-17250 zone, And dont buy much.. Time to Relax" and Friday was a strong trading day but Nifty failed to cross the crucial level 5150. Now traders are suggested remain cautious of this crucial level. NIFTY may attract selling pressure if failed to sustain above 5150. HOWEVER, 5225 may act as a resistance while 5060-5025 would be a good support level. Traders are suggested to avoid long position as long as NIFTY is trading below 5150.

Week ahead crucial for markets because IIP Numbers, US unemployment data, Monsoon and new announcements from Germany are expected this week.