As we have mentioned in the last update, on Friday nifty took the Asian market cue and opened weak and closed at the weakest point. During the day nifty breached all the important support levels and closed at the lowest point of the day. More importantly it has closed below 4000 mark which is considered to be an important psychological support level.
US market closed mixed and Asian markets also trading mixed. With $700B bail out package through, US-India nuclear deal almost through and India-France nuclear deal to be signed on Tuesday, our market may rejoice and bounce from its last week low for a day or two.
By closing below 4000, nifty has made its weekly chart to be weak which was showing some signs of bottomed out last week. As nifty closed closer to the important Fibonacci support level, mild to strong bounce back may be expected from the current level. On the upper side nifty may find resistance at 4048, 4074 or 4097 levels. Similarly on the lower side support exists at 3934, 3919 or 3800 levels. Any strong up move may find strong resistance in the range of 4201 to 4239.
SUN OUTAGE: Between 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.
Happy Trading !
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