DALAL STREET IN RED…………..
NIFTY futures opened gap down by approx 110 points @ 4731 due to heavy selling around US , EUROPE & ASIA. It made an early attempt to crawl back above 4750 area , but failed miserably to break down below 4700 mark. The intraday high for Nifty was @ 4755 and the low was 4687. It closed the day just above 4700 mark at 4704.
Today has been an important day as major levels have been violated with heavy volumes. A breach of 4760 now open room for more downside towards 4660 and thereafter with heavy momentum could take Nifty all the way down to 4530 – 4550 zone. On the upside the minor resistance now stands at 4825 – 4840 area.
Our view on Nifty futures is Bearish. Only a close above the major resistance level of 4950 with heavy volumes and good momentum will end the down swing. Any rallies in the market should be treated as an selling opportunity, with an mediun term target of 4530 area.
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