NIFTY TECHNICAL ANALYSIS Updated At Www.Niftyviews.com -01.04.10 Visit
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Nifty EOD Chart 1st April, 2010.
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·       Nifty continued its journey of consolidation by remaining within the
broad range of supports in last two trading sessions.
·       Watch for inflation data in today's trading session. Post the same
have a watch on the bank stocks.
·       Do note that the results season would start within the next
fortnight and it would be the most important trigger for a richly
valued market.
·       Markets might witness a short covering in second half based on the
extended weekend overseas.Indian markets are also close for trading
tomorrow.
·       Rupee breached the intermediate support zone of 45 in yesterdays
trading session and closed at 45.02 levels post initial weakness. Do
note that any appreciation from here would lead to RBI intervention.
·       One of the weakest Nifty component seems to be Reliance capital.The
stock is unable to move up even on good days.Unless things turn around
725 -730 is the next support for the stock.
·       Technically we have seen a breakout on March 29. Follow up buying is
not visible as of now. Watch for closing of markets in today's
sessions.
·       An interesting feature which the mainstream markets are not focusing
on is the fact that movements henceforth would be guided by the
Quarter 4 numbers from the large cap stocks. Do note that most of
midcaps would report there numbers by June 30,2010.
·       Issue now is not on probable impact of the RBI tightening but what
RBI will do at its next policy meet on 20th April.Banks have lead this
round of Breakout.Unless RIL supports movement henceforth would be
tough.
·       Keep a tab on FII buy figures.Yesterday the FII Segment was a net
buyer at 433 crores.
·       DII segment selling seems to have abated as of now. Net sell at 356
crores.
·       Froth seems to be returning to the IPO market in smartly priced
issues getting oversubscribed.IL&FS TRANSPORTATION managed to give
6.5% listing gains.
·       Nifty has been on an unrelenting rally since it tried to cross over
the 200dema at 4675 odd zone.
·       Short Term Trend turns down on a closing below 5170. Watch the
level.Intermediate support at 5120.
·       In the month of March till date (MTD) FII s have been net buyer to
the tune of 14792 crore rupees. This kind of inflow has been
unprecedented in recent times.
·       Refer to the stock wise report at http://stockrumours.blogspot.com/
For Intra stock views.
Probable Trading range :- 5221-5279


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