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Monday, June 4, 2012

THE MARKETS SENTIMENT TURNS NEGATIVE - S & P BROKE CRUCIAL 1300 LEVELS AND CLOSED AT 1278 (BROKEN 200 DMA LEVEL)


The market sentiment has turned negative. Now it is important that the markets witness buying support at regular Intervals and move above the Nifty 4950 resistance level. It is also important that the Rupee stops depreciating further. The Nifty’s 200-day SMA support on weekly charts is placed at 4824, which should act as good support level. However, if the Nifty fails to take support at this level then it is likely to move lower and possibly test the 4742 level.

In the meanwhile, the markets would take cues from the rupee, global markets and crude oil prices. Technically, on the upside the BSE Sensex faces resistance at the 16517, 17000, 17319, 17504 and 17665 levels but seeks support at the 16037, 15450 and 15000 levels. The support levels for the Nifty are placed at 4824, 4777, 4742 and 4636 but faces resistance at the 4950, 5070, 5106 and 5250 levels. Investors should wait and watch.

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All the advises,calls,tips and predictions are neither an offer nor a solicitation to purchase or sell securities.The information and views given by writer is believed to be reliable but no responsibility (liability) is accepted for error of facts and opinion.Writer may be trading in or having positions in stock markets.