Welcome to the first trading session for the month of October. As we anticipated, nifty opened gap down in the range mentioned to make a new low of 3715. From the opening day’s low without any delay gave a sharp pull back which continued rest of the day. On its way up nifty went closer to our mentioned resistance level of 3978. More and more soothing words came from all direction which has pleased the nervous investors and the overall market. ICICI bank has recovered like anything from the losses it had incurred in the last couple of sessions.
US market made a “U” turn and recovered some of the Monday’s loss on news of alternate plan of the government for financial crisis bailout. But the credit crisis is still persisting in the Wall street. Taking cue from US, Asian markets also opened with a positive note. On back of positive US and Asian market cues, nifty may continue its bounce back course today also.
On the lower side nifty may find support at 3853 or 3768 levels. Similarly on the upper side resistance exists at 4009, 4020 or 4078 levels. Though the overall trend is down, this leg of upward movement has to be watched closer for any signs of change in trend direction. If nifty closes above 3998 it adds strength to the upward momentum. Nifty may encounter strong resistance around 4040 levels, breaking of it may change the direction of short term trend.
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.
Holiday: Tomorrow 2nd Oct.’08 is holiday for Bse-Nse Exchange.
Happy Trading !
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