It was a flat trading day for Indian stock markets which traded on a mixed note and ended in green. Nifty is witnessing a narrow range body formation which indicates consolidation of previous rise but not weakness. The futures started the recovery after hovering near the open for a short time. The recovery went on till around 1.00 PM when the Nifty index reached the exact high of 5625.50 it recorded the previous day. The Nifty futures, meanwhile, shrugged off it's previous discount to break above it's previous day's high and reached 5624. For the second time as many trading days, the market sold off from the 5625 mark to reach the lower end of the last two trading day's range. Another recovery ensued and finally the futures closed at 5597 for the day.
The market breadth was positive with advances at 706 against declines of 575 on the NSE.
FOR TODAY: US market pared its gains during the day and closed nearly half percent in gain. Asian markets trading mixex but with positive bias. SGX Nifty is trading around 5616; 19 points up. Nifty may open around 5614-5616.
India's weekly inflation to be announced today around 12 noon. It may jerk a little bit or reverse the trend. Moreover, tomorrow being a holiday, market will be closed for three consecutive days and it may attract some profit booking. BE CAUTIOUS and TRADE SAFE WITH STRCICT STOPLOSS. WATCH 5615/5624/5644/5666 LEVEL.
Today NIFTY is expected to trade with the support 5570, if sustained above 5625 it may test 5700. Please remember, these figures are only for Nifty future and not Nifty Spot until or unless I mentioned it for NS or Nifty Spot.
DISCLAIMER: I have no open position except some RIL in Cash segment. Mostly I trade for intraday to avoid any change in global scenario overnight.
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