NIFTY AT 30 MONTHS HIGH !!!
The key benchmark indices scaled 2-1/2-year highs on strong services sector data and on revival of monsoon rains in the crucial sowing month of July 2010. Data showing sustained buying by foreign funds over the past two months, underpinned sentiments. Now we have maximum possibility of market crossing 5500 but the sustainability of Nifty above 5500 is doubtful. So, to short market in gap up opening and taking some quick profit.is necessary. FII’s are buying and DII’s are remaining cautious.
The market opened flat to positive yesterday and remained range bound till late afternoon when it rallied sharply on sustained buying in front line stocks led by IT and banking sector. The Sensex, rose for the third straight day and closed gaining 102 points at 18217 after making a high of 18,249 points earlier, its highest level since February 2008. The Nifty rose half a percent to 5467. The satisfactory progress of the monsoon too aided the sentiment. The market appears to be consolidating at current levels and may move further up on some positive trigger. Nifty future closed at 5460.20
FOR TODAY: Yesterday US markets were volatile and ended with green. European markets were mixed. Asian mariets were also trading mixed today. SGX Nifty trading up for 11 points at 5475. The key resistance level is at 5479.
Today Nifty future may move up further to 5494/5515 if it trades and remains above 5479. Strong support for the NF exists at 5442.25 which if breached decisively with volumes then NF may slide to 5422/5402. Probably if I get chance, I will short Nifty between 5480-5489 with strict stoploss 5515 (positional; and not intraday)
NOTE: TRADE SAFE AND ALWAYS WITH STOPLOSS.
Again I am facing net connection problem. If possible, I'll be online at: "jayfromstockmarketsinindia.blogspot.com".
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