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MTECHTIPS:-NIFTY
The Nifty opened flat tracking firm global cues, and the markets closed with sharp gains as investors looked for value picks and short covering was seen by weak shorts.Today Nifty has to cross and sustain levels of 5275 above which levels of 5300-5320 are probably possible. There is a possibility of a gap up opening after a mid week holiday yesterday, & the Dow Jones at a 4-year high. However, if Nifty falls below 5237 & fails to hold 5220-5230 then levels of 5210-5200 can be possible & selling pressure will bring Nifty to lower levels as the gap down caused due to the island reversal 18 trading sessions ago is still open and the descending triangle is also intact. We still maintain a cautious view on the markets as India's trade deficit touched a record high at $184.9 billion for 2011-12 as imports outpaced exports by a huge margin. This higher-than-expected trade deficit is about 10.6 per cent of the GDP and is mainly on account of bloating oil imports.
The Nifty opened flat tracking firm global cues, and the markets closed with sharp gains as investors looked for value picks and short covering was seen by weak shorts.Today Nifty has to cross and sustain levels of 5275 above which levels of 5300-5320 are probably possible. There is a possibility of a gap up opening after a mid week holiday yesterday, & the Dow Jones at a 4-year high. However, if Nifty falls below 5237 & fails to hold 5220-5230 then levels of 5210-5200 can be possible & selling pressure will bring Nifty to lower levels as the gap down caused due to the island reversal 18 trading sessions ago is still open and the descending triangle is also intact. We still maintain a cautious view on the markets as India's trade deficit touched a record high at $184.9 billion for 2011-12 as imports outpaced exports by a huge margin. This higher-than-expected trade deficit is about 10.6 per cent of the GDP and is mainly on account of bloating oil imports.
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