profit booking is happening in our mkts lots of factors technical(reaching 5400 etc) and fundamental(inflation,credit policy, quarterly results,greece,us unemployment rate/jobless claims etc etc).
the weak dow closing on friday showed its impact on monday on indian stock mkt and nifty plunged to low of 5161.
it has also now closed below sl for short to medium term traders. therefore outlook becomes bearish for short term.
but since intraday to near term charts are in oversold territory one can expect a bounce/pullback to 5300 lvls on a green dow closing monday and perhaps tuesday. after which there may be more downside left in nifty probably towards 5100 area. 5187 can act as near term closing support for nifty spot.
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Tuesday, April 20, 2010
mkt ahead...20th apr 2010...
Posted by
abhay r somkuwar
at
6:38 AM
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4 comments:
Thanks for your insights. The market finally went to a green zone. Looking at the fundamental factors, the aviation industry is back to business and earnings season is more or less positive, can we now expect the nifty to rise towards 5400 points by April end or does the market is still in bearish mood?
sunny, current view is 5400 immediately looks difficult, however movement till 5300 odd is possible. i guess once this small bounce is over remaining profit booking might happen nearly 100 odd points from yday's close and maybe thereafter nifty might possibly move to 5400, taking that much time maybe not in april. lets see:)
Hi abhay,
you said 5400 looks difficult any specific reason for believing so.
Thanks,
Renu
hi renu, its a near term view only.
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