16 April, 2014 12:51 IST
News
Nifty has strong resistances at 5,610/5,640/5,670: Moses Harding
Source: IRIS (19-NOV-12)
Comments  |  Post Comment

Nifty fell sharply from intra-week resistance window of 5,750-5,780 to hit set buy zone of 5,610-5,580 for further extension into 5,559 before close of week at 5,574. Market Pulse considered 5,610-5,580 as good re-entry point after chasing 150 point rally from 5,630-5,580 into 5,780-5,830. The immediate term outlook is weak as weekly close below 5,580 will take bulls out of the street. The global bourses also do not provide support driven by uncertainties in the US and Euro zones. The domestic cues are worse, hence may need to allow deeper correction for better value buying. It is important for Nifty to get back into familiar trading range of 5,580-5,780 to knock out bearish momentum.

Commenting on the outlook for equity market, Moses Harding, Head - ALCO and Economic & Market Research, IndusInd Bank said, “The immediate support is at 5,568-5,559; test/break here will quickly extend weakness into 5,510-5,475 where it is good for strategic players to buy the second lot holding the final lot for 5,415-5,400 with stop on break here. There are strong resistances at 5,610/5,640/5,670 which should hold to retain bearish undertone into 5,400.”

“For the week, let us watch 5,510-5,610 with extension limited to 5,475-5,640. The strategy for traders is to sell at 5,610-5,640 and buy at 5,510-5,475 with tight stop on break thereof,” he said.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.


Live News
Sensex turns negative; IT stocks fall - 16-Apr-2014 12:47
INR weakens against USD, down marginally to 60.24 - 16-Apr-2014 12:42
RBI governor to hold rates on June 1: BofA-ML - 16-Apr-2014 12:30
Ind-Ra rates Usha Martin's additional bank loans - 16-Apr-2014 12:28
Jubilant FoodWorks rises as RBI hikes FII limit to 55% - 16-Apr-2014 12:25
Sameet Chavan on Biocon, Axis Bank and JSW Steel - 16-Apr-2014 12:25
Ind-Ra withdraws Sunil Hitech's ratings - 16-Apr-2014 12:24
Tata Power expands green energy power generation capacity by 646.7 MW - 16-Apr-2014 12:19
Punj Lloyd climbs on new order worth Rs 32.54 bn - 16-Apr-2014 12:17
RCom hikes tariffs by up to 20% - 16-Apr-2014 12:15
Glenmark gains on final ANDA approval for Eszopiclone - 16-Apr-2014 12:14
more...
* Q - Quote , N - News , C - Chart , F - Financials
Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type   y9dkq3 into this box
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Forums  |   E-mail  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer