On Friday Nifty closed 4997 ending almost flat. It made a Intrday high of 5,054 and a low of 4,983. Sensex closed 16,810 ending 21 points higher. Tough Sensex manged to cross 17,000 on Friday, it didn’t mange to sustain higher levels and saw some profit booking. It made a high of 17,006.

Nifty closed below its 5 DMA of 5,061 and 20 DMA of 5,039. FII Selling continued throughout the day.

If nifty goes below 4,930 levels, we could see some more downside, as 4,930 level acts as a Major support for Nifty. The long term resistance for Nifty is 5,220 levels, above this we could see 5,350 on Nifty. Sensex faces support at 16,200 levels and resistance at 17,500.

The RSI for Nifty stands at 41, which shows a flattish trend, The MACD have also show a sell signal.

U.S markets closed 1.08% down, even tough Asian and European markets looked strong.

The rupee, which has gained over 10 per cent from its March 2009 low of 52.17, was last traded at 46.74 against the dollar.

The weakness in the market may last for the next 10-12 days and we are likely to be in a range of 5080-5160, if we manage to sustain current levels.

Tough the long term view of markets looks positive as FII’s have $15.60 billion in the domestic equity market so far in 2009, as compared to the inflows of $14.10 billion in 2007.

Tags: expert views on Nifty, next resistance for Nifty, next support for Nifty, nifty dma, nifty technicals, nse bse technicals, resistance for Nify, support for nifty, technical views on Nifty

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