Where is the market headed in short-term?

Quotes with Resistance & Support

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Where is the market headed in short-term?

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

urudatta Dhanokar
Tech Analyst and Derivative Strategist, Almondz
Global

IF the Nifty crosses 4730, it has the potential to rise to 5200-5300 levels (The Sensex equivalent is 17000). However, the path to this target may not be smooth and we may see some jerks of 5% or more at around 4900 or 5100. If one is long on the market, he can keep a target of another 10% from these levels. Some sectors like shipping and real estate still look attractive. But there is a risk in realty because of its high-beta status.

Manish Shah
Tech Analyst, Centrum Broking

The Nifty will face resistance at 4750 and if this level is breached, we expect a big rally to even 5200-5300. The index is expected to draw support at 4600 and 4350 levels, if it falls. Investors should hold on to their long positions till the Nifty stays above 4600. Sectors such as realty and media are looking attractive at these levels.

Shruti Meghani Vora
Tech Analyst, Antique Stock Broking

The Nifty is currently placed at a critical juncture around 4700-4750 levels, which is a 14-month resistance zone. If this is convincingly broken, The index is expected to test 4850-5000 levels. On the downside, 4300-4400 is the support for the Nifty. We expect mid-caps to outperform broader indices. IT and auto will continue to lead the rally, while banking could provide the impetus to the upmove.

Rakesh Bansal
Head-Technicals, SMC Global

We are expecting the Nifty to breach 5,200 by mid-September. Both the Sensex and the Nifty have a very strong support levels at 15,000 and 4,400, respectively. The domestic market could witness a broad-based rally in the coming days.

source: Economictimes

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