As expected Nifty futures crossed 10673 and closed above 10700. This augurs well for the broader market. From a low 9960 to a high of 10720, nifty has retraced 62%. The results of RIL should boost the market for a rally of 50 points in nifty.
Remember the PEs have been continuously on the losing side and it is almost a month where it closes on low week after week. The Fed meet outcome on 2nd of May and the Karnataka election fever likely to keep the Nifty on its toes.
The scenario recalls the same situation on January 31st where PEs have suddenly got new life and the market tumbled. It is better to be on the cautious note as the bull rally could snap at any time with a big gap down opening which will be a big trap for bulls.
Be long in nifty only if it sustains above 10775 on spot. and 25250 in BN Spot. A close below 10670 is a matter of concern for bulls.
MONTHLY TREND
This month can see a downside of 10350 and 24000 in BNF. On the top, 10775 & 25570 can be expected.
The domestic cue plays a very crucial role for the market. With almost all big corporate have announced the results not much steam is left for any big rally. The global cues is also not going to favor the market further. Be cautious in your trades next week.
This month can see a downside of 10350 and 24000 in BNF. On the top, 10775 & 25570 can be expected.
The domestic cue plays a very crucial role for the market. With almost all big corporate have announced the results not much steam is left for any big rally. The global cues is also not going to favor the market further. Be cautious in your trades next week.
No comments:
Post a Comment
Note: only a member of this blog may post a comment.