BLOODBATH ON DALAL STREET…..
Nifty futures opened today with a heavy gap down of 58 points at 4934 in line with Asain markets. It made a brief attempt to rally in the early session making an intraday high of 4964 but very quickly met with some heavy selling pressure. Nifty broke below 4900 and also below 4850 ,closing the day at almost the lows at 4835.
Nifty futures broke below major support levels with a record volumes. This was also seen across all sectors including midcap and smallcap shares. On the down side the next major support stands at the 4800 level and we should expect some buying to regenerate as the Nifty is heavily oversold. With the two days of heavy volatility ahead of us ie Expiry & RBI meet , expect markets to make a minor bottom with these events.
Our view on Nifty futures is Bearish. But we would not advice to go short at current levels. On the upside Nifty can make a recovery upto 4950 and thereafter the next major resistance now stands at 5050 zone. On the down side there is support at 4800 level and with the more selling pressure , we could hit as low as 4550 - 4570 zone.
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