Corrective Rally will Face Resistance
NIFTY - 5180-5200
BSE - 17244-17350.
Near Term Trading Range 5100-5200
Break Down of Trading Range Ultimate Target of Nifty - 5013-4941-4774 BSE - Below 17344-17275
Do not think to buy side. Exit Banking Stocks too Bank Nifty Target 9200 +
The key benchmark indices is trading low on back of weak European market but has managed to cut some losses as buying interest has emerged across selective indices. Earlier in the day the setback in world stocks triggered by deepening worries about sovereign debt issues in Europe, which pulled the domestic market below the psychological 5100 level. Yesterday the nifty index starts very deep negative, the breadth of the index was also very weak , there are 22 stocks were in advanced 27 were in decline and one remain unchanged, the top gainer was BHARTIAIRTEL, and SAIL, while the looser were JPASSOCIATE and JINDALSTL. Overall the nifty lost 23 points (46%). Buying momentum in last hour pulled the nifty up, for today's trading session the support would be at 5056 and the resistance would be at 5148-5180-5200
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