DAILY REPORT FOR 8 MAY, 2008
NIFTY (5135 -9 pts)
Supp 5075/5040/4990 Res 5160/5200/5230
SENSEX (17339 -33 pts)
Supp 17170/17000/16870 Res 17400/17540/17630
Outlook for 8 May, 2008:-
Markets to open negative on weak global markets and test of 5075 for the Nifty is not ruled out in early trade. Trend reversal is possible if we close below 4990.
Reliance Industries is showing good buying and it can keep the bulls hopeful. But other than Tech stocks, no sector is really supporting the markets.
If correction really comes from current levels, it can be pretty awesome. So we should wait for clear trend to emerge and then only take a decision. Until that, cash is the king.
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.