Nifty is looking for the correction direction which is likely to come from the events lined up in the month of March. Going forward we will find that Nifty has a strong support at the levels of 5200 and will face stiff resistance at 5550 which is likely to be the broad range of the movement of the stock market during the ongoing month. Ideal is to be stock specific and trade in the hot stock of the day and be out of the market with in 2 hours and close the trade with profit.
The trend remains down in the market as March 2012 events are likely to have a bearing on the direction of market which can go down with slight news contrary to market anticipations. As on last Friday, out of 3,023 shares traded 1,490 stocks advanced while 1,406 stocks declined.
Market remained open for trading on Saturday from 11 am to 1 pm for special trading session and we had suggested traders to take a break during such trading session as participation is poor and does not reflect much on the stock price correctly. Thus it is good to take a break and be with family rather than being under tension even on a non trading day.
Support and Resistances for the Day
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Strong future shares at National stock exchange
VIP Ind, BGR Energy, Yes Bank, Welcorp, RPower, OFSS, IFCI, Welcorp, Voltas & Rolta.
Weak future stocks at NSE
MC Dowell, DLF, Dish TV, OnMobile, TVS Motor, GSPL, Adanient, Educomp, Cipla & Tech M.
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