On global cues market to open lower and volatility is expected in the first hour of trading and the midsession to be range bound and there after the take the direction once the RBI monitory policy is announced, the policy should be balanced and hike in interest is not expected.
Yesterday nifty closed well below the 5000 mark and at current levels traders are very cautious and are winding up their long positions, The 4900 is the levels to be watched for the day where nifty has a strong support a closed below 4900 can drag the nifty to 4800 levels in the next few trading sessions, However we expect a bounce from the 4920-4900 levels.
Nifty to trade in the range 4920-4988,either side break to give a new direction to the market, A close above 5020 can take the nifty to 5250 levels in short-term and on the other hand a close below 4900 can drag the nifty to 4790 levels in the coming days. Nifty to have support at 4940/ 4920/ 4890 and resistance at 4988/5010/5080 for the day.
The following stocks technically look weak in the short-term.
SELL IFCI BELOW 52 & SELL UNITECH BELOW 91
Have a nice trading day.
BSE, NSE Stock Ticker, India
Monday, October 26, 2009
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