Sensex : sensex sustained above 18326 in early morning trades and so later in the day made an attempt to cross and close above 18463 and it made a high of 18444 but just could not close above our decisive level.
As can be seen easily our markets have started to dance on tunes of the world markets atleast at the open and there are wild swing in the world markets too so one or two days positional trading has become dangerous.
That is why we recommend that traders must wait for breakout of the trading range which is largely between 18737 and 18052 for the last few days and a decisive close above or below can give some realy good trades on either side.
Although on the upside now even a close above 18464 should become a good trigger.where as on the downside a close below 18052 may put an end to the bull efforts.
Nifty:
For nifty it was good initially for day traders as nifty sustained above 5479 and it even went up to 5535 where as our level was 5531 above which nifty must give a close to sustain its strength overnight.
On the downside nifty must not close below 5442 but even if it closes below 5442 5373 is the ultimate trend decider level.
As our markets are proving their resilience against the tsunami in world markets it is going to prove better in the long run as india is going to be a far safer destination to park foreign money compared to japan and other earthquake prone countries for the short term it is a big question mark how Indian markets behave if dow and dax and ftse have already shown signs of major tops in place for them.
No comments:
Post a Comment