Markets ended the eventful week on a negative note amid high volatility. On daily charts, if it breaks the trend line which is acting as support then nifty may slip towards 100 day EMA of 5190 in the coming week. However, 5460 is expected to act as stiff resistance breaching which it may move towards 5565 levels.
Major Market News-
· Sensex posts weekly loss of 37 points; CD, Realty, Teck fall.
· Union Budget: Fiscal deficit target set at 5.1% of GDP in Budget 2012-13.
· Greece would face disorderly euro exit without support: IMF.
· Gasoline pushes up US inflation, dents confidence.
· Government allows airlines to raise $1 billion in ECBs for a year.
· Govt targets about $8 bn from telecoms spectrum auction
Technical View-
BOMDYEING FUTURE HAS MADE REVERSAL PATTERN ON ITS DAILY CHARTS. HENCE, FOR THE COMING WEEK SOME SELLING IS EXPECTED.
SELL BELOW 509 FOR TARGETS 490-475. MAINTAIN SL OF 530.
No comments:
Post a Comment