Nifty for 17th March 2010What impressive moves we saw in todays session, all the credit goes to Reliance Industries which was continuously making new highs and highs and highs touching the sky and in the second half of the session after the opening of the European markets nifty was just on fire and as and when it crossed 5150 levels a none stop rally till 5200 was seen on the cards and the china wall at 5180 levels was just nothing, bulls were welcomed by all and in the end closed at the higher levels but spot nifty closed below 5200 levels, the range has been broken after a consolidation phase of 6 days and blast off was seen.
Banks have been under pressure, only the king of markets is able to hold the index from getting down and on the other hand dollar index is under correction phase thus we are seeing money flow in from FII's from so many days....Due to increase in Inflation numbers, the banking sector is under pressure and a ghost is flying in the air, if there is an increase in the interest rates as per the inflation numbers have increased then the reason for correction would be BANKS....
For the Session
Nifty Important Level – 5183 (Futures)
Nifty can touch - (Futures)
Above the mentioned levels bulls - 5211 - 5239 - 5256 - 5274 - 5301
or
Below the mentioned levels bears - 5166 - 5149 - 5121 - 5093 - 5076
MOST IMP LEVELS - 5187
Bulls Grip above 5180 & 5254
We don't advice to create any LONG POSITIONS at current levels, markets have given a false brake out, we are awaiting for DOLLAR INDEX to pull back and Fii's are buying since one week which doesn't mean that they would not unwind there positions, BE CAREFUL YET AGAIN....
We would like to wish all the Pirates a very all the BEST.
Regards
Treasure Captain
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