Whats next for Nifty?

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Whats next for Nifty?

This article was posted on Nov 2, 2009 and is filed under Market Outlook

Sensex closed below 16,000 mark. The equity markets lost for the fifth consecuitve day on Firday with the Sensex closing below 16,000 at 15,896 losing 914 points the sharpest decline in a single week in the last 3 months.

The nifty closed at 4,711, making a drop of 285 points in the last week. Coming to the Technicals, Nifty’s 80 DMA acts as a strong support, which standing at 4696, below this we could see 4600 levels.

The top gainers: The top gainers in the Sensex were Tata Motors (up 7.2%), Ranbaxy Labs (up 4.8%), Wipro (up 2.9%) & Grasim (up 1.6%).

Most of the investors did not participate in the post election rally as the markets hit 2 consecutive 10% upper circuits, by the time retail investors warmed to the current rally, most stocks had doubled from their lows of 2008.

FII’s sold more than 2500cr’s dragging down the markets to lower levels. Telecom stocks to didn’t manage to recover. The credit policy just became an alibi.

Below 4600 downside is limited, once can consider buy stocks for Long term as these levels as we are expected to recover in the coming days or so.

Tags: hot stocks for Intraday, levels for Nifty, market watch, nifty resistance, nifty support, when to buy