As per our last Friday’s note, the week ended by sending jitters among the traders. Nifty lost another 3.32% on Friday. On Friday, as we indicated nifty opened 50 points gap down and continued to fall during the day breaking all the supports in its way down towards 4800. During the day nifty has not breached 4800 level and closed above 4800 (4818).
US market closed very weak on Friday in spite of bail out package been cleared US congress. Clearance of the package by US congress was exactly as per our view on Friday. Following the weak US market, Asian market also opened and trading very weak. In harmony with global markets, nifty is also expected to open weak. Nifty breaking 4800 level at the opening itself cannot be ruled out.
With nifty heavy weight champion Reliance been hammered heavily on Friday, nifty seems to be vulnerable on the downside. On the lower side nifty may find support near 3759, 3699 or 3688 levels. Similarly on the upper side resistance exists near 3845 or 3923 levels. For any significant change in trend direction, nifty has to close above 4000. Ultimately this downward trend may take solid support near 200 week moving average of 3648 or March 2007 low of 3555.
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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1 comment:
Lots of mistakes in figures...
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