On Wednesday as we have mentioned, nifty opened positive with 40 points up but could not sustain and eventually took nifty into the negative region. During the day nifty has tested both of our support and resistance levels which were mentioned in our last update. On the lower side, nifty made the day’s low at 3861 which was only few points away from the mentioned support of 3853. Similarly on the upper side, nifty made the day’s high at 4000.5 which is again very closer to our mentioned resistance level of 4009.
US market closed very weak on Thursday on the back of declining factory order report. Though the bailout package was passed by senate, its fate will be finalized by the US congress which is yet to pass the package. In my view, the package will be passed by the US congress also during the voting. Following the very weak US market, Asian market also opened and trading weak. In harmony with global markets, nifty is also expected to open weak. Even a gap down of 50-100 points or more cannot be ruled out.
On the lower side nifty may find support near 3875, 3858 or 3823 levels. Similarly on the upper side resistance exists near 4013 or 4077 levels. For any significant change in trend direction, nifty has to close above 4000.
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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