Market View For The Week 28/11/2011 to 02/12/2011

posted by Paritosh on Sat Nov 26, 2011 11:23 am

Weekly View : Nifty in the last week opened at 4874 however could not cross 4874 and slide down making a new 52 week low at 4636 and managed to close at 4710. The whole month of November we saw a heavy fall in Nifty where in it opened the month at 5279 and after making a minor up move to test 5326 tumbled down to make a low of 4636 and closed at 4710. In the last two trading days of the last week we saw Nifty trying to hold it's long one month fall and showed some balancing and consolidation around 4680-4720. Now for the coming week i suppose Nifty to hold its long fall and will try to show some up move were in it can test 4820-4845-4880 levels but the condition being it should hold 4680 and according to me it will hold 4680 and will test the said levels of 4820-4845-4880 However if Nifty could not manage to hold 4680 than firstly a direct fall till 4640 will be witnessed and break below which will take Nifty to kiss 4580-4545-4505 levels, which in my opinion is not possible in next week. Also i think Nifty will not break the recent low of 4640 in the month of December because historically December has been a positive month of the markets, and as it is very well said for the market that "history repeats itself" However my over all view on stock markets is still negative and after some up move in December we may again see a down move in January or say February were in we will see Nifty making new 52 week lows. Now the support and resistance for the coming week are as: Support @ 4680-4640-4580 Resistance @ 4780-4845-4880 Weekly Levels: Nifty : Remain long above 4720 with SL @ 4680 for a target of 4780 and cross over will take to 4820-4845 levels Remain short below 4640 with SL @ 4670 for a target of 4580 and cross over will take to 4545-4520 levels BHEL : Remain long above 268 with SL @ 264 for a target of 274 and cross over will take to 278-282 levels Remain short below 260 with SL @ 264 for a target of 253 and cross over will take to 251-249 levels Happy Trading............ Note : All the above rate are cash rates.

posted by Paritosh on Mon Nov 28, 2011 08:34 am

NIFTY :: hits target of 4820

posted by Paritosh on Mon Nov 28, 2011 10:16 am

NIFTY :: hits target of 4845