MARKET OUTLOOK
Responding to the weakness in the global market, Nifty opened on a weak note and crashed
to 4800 level. Then suddenly short covering emerged at lower levels which helped Nifty to
stage a smart recovery and closed above 4830 level. Finally Nifty closed 43 points down
from its previous day's close. Volatility was high throughout the day. Now unless Nifty
closes below 4830, we may witness rangebound trading. Sectorwise, most of the sectors are
in sideways mode with sectors like Realty, Power, Infrastructure and Metal are showing
weakness. Since the coming week is an eventful week, so we may expect very high level of
volatility with extreme swings. In such circumstances, trading risk becomes very high. For
MONDAY, major support exists at 4800 and then at 4760. On upside, resistance exists at
4910 and then at 4980.
NIFTY VIEW
Nifty Faces Resistance Near 4930, Slides
The Market closed the week with minor gains After rallying to a high of 4929, the Index
gave up some gains to close at 4844.9 (last week: 4826.85).
In a trading range:
The Nifty continues to remain in a range, between 4930 and 4700. So far the market is
locked in this range, there is not much of a trading opportunity. We have to let the Market
decide where it wants to go. The big moves will come above 4930 or below 4700.
Support for the Nifty is seen around 4780, Resistance for the Nifty is seen around 4930