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However if the level of 4900 is broken on the lower side than one is likely to see a level of 4850 and if further weakness persists than index can fall to the levels of 4680-4700. Now one needs to see that whether the present Dubai financial crisis will act as a trigger for another sell off or provides an opportunity to accumulate the quality stocks. Thus do keep the support and resistances under the surveillance as these are the marks where one can see the signals before hand in the mkt.
However globally not much upheaval has been seen; however same is not reflected by CBOE volatility index which tracks global nervousness has gone high on Friday and has ended the day 21 per cent higher and thus reflects the nervousness among the trading fraternity. Asian indices such as Hang Seng, Seoul Composite, Jakarta Composite, Shanghai Composite have shown the signals for commencement for the down trend.
Derivatives Update
Volume in Nifty future continues to remain on the higher side and around 12.14 lakh shares were added in open interest with an increase in the cost of carry indicating long accumulation.
On the option front, implied volatility has further increased marginally, pointing towards uncertainty at higher levels and thus volatility will be order of the day. Market will be looking for the direction in next few days due to fiasco caused due to Dubai Debt .
Support and Resistance for the Index
| Indices | Support | Resistance |
| Sensex | 16635-16542 | 16800-17000 |
| Nifty | 4909-4838 | 4985 |
Intraday Trading Tips | Analysis
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Future and Option Tips | Result Analysis
| Stock | Profit (Rs) |
| Tip1 | 9060 |
| Tip2 | 1391 |
| Tip3 | 680 |
| Tip4 | 4669 |
| Tip5 | Trade not initiated as entry price not achieved. |
| Tip6 | 2700 |
| Tip7 | Trade not initiated as entry price not achieved. |
| Tip8 | 14720 |
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| Stock | Gain in Rupees for intraday trading with only Rs 50,000 |
| Tip | 2145 |
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