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 !
Showing posts with label US congress. Show all posts
Showing posts with label US congress. Show all posts
Monday, October 6, 2008
Friday, October 3, 2008
03 Oct'08: Weekend Jittery
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 !
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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