“It is not the strongest of the species, nor the most intelligent that survives, but one that is the most adaptable to change” –Charles Darwin.
Climbing crude price, escalating tensions over Libya and growing concerns over spread of nuclear radiation from Japanese nuclear reactors Kept the global arena action packed which dragged the Sensex down below 18,000 and Nifty below 5,400 mark.
The 30 share index, Sensex plunged 295.28 points, or 1.62% to 17,878.81 in the week ended March 18. On the other hand, the broadbased NSE Nifty dropped 71.75 points, or 1.32% to 5,373.70 in the week.
The Nifty traded with a range-bound bias for almost the entire week amid higher intraday volatility. However, it breached Most psychological support levels levels and closed at the weekly low. Global uncertainties amid domestic concerns triggered the selling pressure where auto and technology stocks were the major underperformers in the lot.
FOR TODAY: On Friday, EU as well as US markets were ended in GREEN. Today, in the morning, all Asian markets are trading in GREEN. SGX Nifty is trading at 5422, 39 points up. Our market is in oversold area. All these indicators are suggesting that Nifty may open around 5420-5424 area, which is also a crucial area. Above 5424, we may expect 5450, 5478 and even 5500. However, if not able to cross 5424 and trade below 5400, supports are around 5370 and 5350 area.
Note: I am holding 5400CE taken on Friday. If nifty spot crossed 5422-5424 area, I will hold that otherwise, around 5420 I'll exit from that. Maybe I'll buy nifty future around 5431-5433 area for a target of 5468 or above.
Note: I am holding 5400CE taken on Friday. If nifty spot crossed 5422-5424 area, I will hold that otherwise, around 5420 I'll exit from that. Maybe I'll buy nifty future around 5431-5433 area for a target of 5468 or above.
