This week being the expiry week, lot of drama is happening in the market. In spite of weak US and Asian market cues, nifty managed to opened in the positive terrain and remained there for the rest of the day. Overall the intraday trend remained choppy. Nifty tested the mentioned resistance of 4195 and reached day’s high of 4207. Nifty short-lived above 4195 level for a very brief duration and fell below the resistance level and honored the same.
Yesterday also “IT” stocks got hammered and IT(s) index was down by 1.44%. Among the 50 nifty index stocks, Wipro recorded the top rank in the loser’s list by falling 4.82%. Starting from yesterday (24th Sep.’08) to 8th Oct’08 market will remain closed between 11 25 hrs to 12 10 hrs due to sun outage and market will close at 16 15 hrs instead of 15 30 hrs.
US market traded choppy and closed mildly weak amid debate over government’s plan to bail out sick banks. Asian markets opened and trading weak. Nifty is expected to open weak and remain choppy as today is the last day of September ’08 series contracts.
On the upper side, nifty may find resistance near 4184, 4207 or 4236 levels and in any case nifty is not expected to breach 4274 for today. Similarly on the lower side nifty may find support around 4115 level, breaching and trading below 4115 may take nifty towards 4069 or 4051 levels. To resume a short term upward trend nifty has to close above 4225.
Nifty chart suggest that it has ripe for a fall in near future as some of the nifty dominant scripts seems to be very week in their charts. Also in any time it is expected that nifty may test the 4041-4051 levels to fill the gap of last Friday gap up.
Happy Trading !
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