Looks as if the market is in no correction mood and expected to test higher levels in the coming days. As nifty has crossed the 200 DMA and hold above 3450 level for two conservative closed would take nifty to 3580 and 3800 levels. The current rally to continue with some intra-day corrections.
However the fundamentals don’t justify the current rally to this extent. This is the testing time for the inventors and the traders and they have to maintain a discipline approach with patience and one has to take position within his or her limits.
Nifty can face strong resistance at 3580 levels for the day.
Technically nifty can take support at 3420/3380/3350 and resistance at 3525/3560/3570 levels for the day.
Banking stock to be in limelight for the day.
BSE, NSE Stock Ticker, India
Wednesday, April 15, 2009
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