One need to watch this up move with suspicion in Nifty as unless this moves past psychological resistance of 5000 mark, Nifty can once again fall to the lower levels of 4900-4860 level. Now it appears the bottom has been identified in the market in form of Nifty 4900 level and now all those looking for value buying can buy at lower levels and can sell at every rally. Alternatively make it a strategy to trade with Breakout Stocks of the day and make money like pro traders who trade less but make excellent profit every day. We can call todays candlestick formation in Nifty chart as a partial Bullish Engulfing Candlestick & thus Nifty can Target 5000 Mark. Further Bulls will take control only above 5000 Mark when Nifty crosses this level with volume and sustains on closing basis.
Global Markets Analysis
- Economic conditions in Asia had softened, and the U.S. economy continued to grow moderately. But the situation in Europe still remained difficult.
- Moody's announcement that it had downgraded Italian banks also weighed on markets, but stocks pared losses after data showed Germany's economy grew at a faster pace than expected in the first quarter amid a surge in exports to emerging markets.
- Investors also eagerly await the outcome of a meeting between incoming French President Francois Hollande and German Chancellor Angela Merkel later in the day to examine how they will overcome differences on tackling the sovereign debt crisis.
- On Wall Street, stocks ended at more than three-month lows overnight amid concerns about a weakening Chinese economy and the economic outlook for Greece after talks to form a new government in the debt-laden country failed.
Support and Resistances for the Day
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Strong future shares at National stock exchange
Divis Lab, Colpal, Asian Paint, BPCL, Bhushan Steel, Sobha, Mphasis, Sesa Goa, Ruchi Soya & Hind Uni Lvr.
Weak future stocks at NSE
NCC, IRB, Orchid Chem, Unitech, IVRCL Infra, GMR Infra, Sintex, GVKPIL, Adani Power & HDIL.
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