Nifty witnessed a very volatile session and closed with gains of 131 and crosses level 4950. This rally was led by some fundamental news flow around the world. China has announces for cutting reserve by 50 basis point which will led liquidity in market. From side of Europe and USA the central bank of 8 Nation announcing coordinated actions to enhance their capacity to provide liquidity support to the global financial system. This green –green news for making new utopia would be analyze by coming date weather they will do the debt out or let the rebirth of new Bear in the market.
Level wise, closing above the vital 4950 levels may depict strength of the bulls in the
forthcoming sessions.
Broader market witnessed strong sentiments, though midcap and Large Cap were strong,
small caps were under buyers grip. Owing to this, bears outnumbered the bulls with significant
margin.
Due to profit booking in second half it close below its 9 day’s SMA placed at 4977 but
continued to close above 50 & 100 day’s SMA placed at 4863 & 4798.
VIX, the barometer of uncertainty, closed at a little corrected level of 25.02, but still indicates a
more than average volatility in market in the forthcoming sessions.
RSI (14) for the session was at 56.55 levels and MACD closed below the signal line.
Market may continue to witness some range bound movements in forthcoming session amidst higher
volatility
Nifty Level
R1-5032
R2-5138
S1-4926
S2-4885
Get the free share market tips for tomorrow:
SHORT BHARTI AIRTEL @ 377 TGT 372/367 SL-381
OUR CALL OF TATAMOTORS HAS ACHIEVED ITS RESPECTIVE TARGET. RECOMMENDED FOR 01/12/
2011 MARKET TRADE
