On Wednesday nifty opened weak as expected with a gap down of about 50 points. Nifty tested our first support level during the initial hours and strongly rebound from the same and was trading sideways in a choppy fashion till the first half of the session. In the second half nifty decisively broke the crucial support of 2866 and fell sharply towards 2800. Nifty managed to recover a bit from its day’s low and closed near the crucial support level.
US market rallied massively and closed very strong with their indices around 6-7% up. Asian markets have not failed to follow the US market and opened strongly positive. On the backdrop of good global cues and more importantly very good IIP and inflation numbers expect nifty is expected to open positive most probably with a gap up.
On the upper side nifty may find resistance near 2951 or 3053 levels. Similarly on the lower side support exists near 2808 or 2747 levels. The genuinity of rally in the US market may be tested in days to come.
Happy Trading !
Showing posts with label IIP. Show all posts
Showing posts with label IIP. Show all posts
Friday, November 14, 2008
Wednesday, November 12, 2008
12 Nov'08: Will IIP Helps?
As expected nifty opened weak with a gap down of about 60 points. During the day it was one way move and that was downwards. Though nifty took a brief pause near our mentioned support levels the same got broken eventually and closed at the day’s low which was diagonally opposite to what had happened the day before where the nifty closed at the day’s high. Traders are made to get confused with this ongoing alternate day change in nifty direction.
US market closed weak with their indices around 2% down on the consumer spending worries. Asian markets have opened mixed and trading weak. Nifty is expected to open flat to weak inline with the global markets and remains so till the IIP numbers are out later today.
On the upper side nifty may find resistance near 3007 or 3064 levels. Similarly on the lower side support exists near 2866 or 2747 levels. Breaching of 2866 levels has to be watched closely as trading for some time below this level may take nifty to much lower level in no time. Nifty is expected to trade neutrally till the IIP numbers are out and nifty may move decisively on either of the directions based on the numbers.
Happy Trading !
US market closed weak with their indices around 2% down on the consumer spending worries. Asian markets have opened mixed and trading weak. Nifty is expected to open flat to weak inline with the global markets and remains so till the IIP numbers are out later today.
On the upper side nifty may find resistance near 3007 or 3064 levels. Similarly on the lower side support exists near 2866 or 2747 levels. Breaching of 2866 levels has to be watched closely as trading for some time below this level may take nifty to much lower level in no time. Nifty is expected to trade neutrally till the IIP numbers are out and nifty may move decisively on either of the directions based on the numbers.
Happy Trading !
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