DAILY REPORT FOR 14 MAY, 2008
NIFTY (4957 -55 pts)
Supp 4910/4875/4825 Res 4995/5030/5070
SENSEX (16752 -108 pts)
Supp 16620/16500/16310 Res 16860/17050/17160
Outlook for 14 May, 2008:-
· Markets to open weak on the back of serial blasts in Jaipur yesterday evening. Any fall below 16500 on the Sensex is negative and next support level is at 16300. 4875 and 4825 are levels for the Nifty from where it may try to bounce.
· If we sustain the supports around 4900 for the Nifty and 16500 for the Sensex, a quick rally is not ruled out and we can target at least 17200 on the way up.
· Gold View - Gold is looking weak and may target $800 on the downside from current levels around $870.
Disclaimer: These recommendations are based on the theory of technical analysis and personal observations. This does not claim for profit. I am not responsible for any losses made by traders. It is only the outlook of the market with reference to its previous performance. You are advised to take your position with your sense and judgment. I am trying to consider the fundamental validity of stocks as far as possible, but demand and supply affects it with vision variations.