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MTECHTIPS:-NIFTY
The Nifty opened gap down tracking weak global cues, and the markets witnessed heavy short selling as the indices dipped sharply to close the day with losses.Today Nifty is expected to open with small losses on the back of mixed global cues. Nifty has taken support at 4988 which comes around the gap up(4980-4991) made on 19th January 2012.The controversial GAAR has been postponed by another year, a lot of uncertainty has been taken off the Indian markets. Soon after the finance minister announced that GAAR provisions would be applicable to income of FY14 and subsequent years, the market bounced back into the green. Today market has to sustain 5060 which would act as support, if nifty is successful in sustaining 5060 levels then it may also retest the gap down caused a couple of trading sessions ago between 5180 and 5226.However if the support levels are not held then weakness could drag the market towards the psychological 5000 & 4940.
The Nifty opened gap down tracking weak global cues, and the markets witnessed heavy short selling as the indices dipped sharply to close the day with losses.Today Nifty is expected to open with small losses on the back of mixed global cues. Nifty has taken support at 4988 which comes around the gap up(4980-4991) made on 19th January 2012.The controversial GAAR has been postponed by another year, a lot of uncertainty has been taken off the Indian markets. Soon after the finance minister announced that GAAR provisions would be applicable to income of FY14 and subsequent years, the market bounced back into the green. Today market has to sustain 5060 which would act as support, if nifty is successful in sustaining 5060 levels then it may also retest the gap down caused a couple of trading sessions ago between 5180 and 5226.However if the support levels are not held then weakness could drag the market towards the psychological 5000 & 4940.
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