On Friday as we had mentioned in our notes, really the hell was cut loose for the nifty to open with a huge gap down of nearly 300 points and made one more new year low of 3199. With RBI reacted promptly to reduce further 100 basic points in CRR to inject another 40,000 crores liquidity market made some recovery move and finally closed at 3280.
Though the US market on Friday opened very weak, the way it has closed in the last hour of trading by a very good bounce brought some hope in global markets. With all the global players met and decide to take coordinated move to stabilize this ongoing turmoil has boosted the sentiment among the investors. Asian markets are trading the positive terrain. Japan market is closed for today.
Nifty is expected to open in a positive terrain, possibly it would be a gap up opening. As we had mentioned in the last update that all the global markets are due for a technical bounce back and same is expected in any time, we can expect it to happen this week. On the upper side nifty may find resistance near 3386, 3433 or 3505 levels. Similarly on the lower side support exists near 3187 or 3094 levels. The weekly support exists at 3046.
Happy Trading !
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