Nifty ( Closing ) : 5375.50.
NIFTY TREND FOR 29/02/2012
Major Nifty Support Levels : 5422-5455-5507.
Major Support Levels : 5313-5261-5228.
Short / Middle Term Target : 4950-5010.
Nifty increased 94 points and closed at 5375.50. Crude oil price decreased slightly today . It fueled the upward trend in market. In additional , European and Asian market were in green when Indian market closed. Nifty closed at 5607 on 21st February . Then, it lost around 325 points through 4 consecutive trading sessions ( Nifty closing were 5281 yesterday ). So, the correction which has seen today is quite natural one. Apart from that, FIIs' net value were 727.59 Cr today . It helped nifty to close in positive.
On the other hand, it is obvious that FIIs invested huge amount of money in Indian capital market. Though Indian economy is stable up to some extend, there are some worries too. For instance , Finance Minister, Mr. Pranab Mukherjee used the phrase ' selective default ' to mention the situation where oil price is being increased steadily . Moreover , he forecasted that this trend may make negative impact on Indian economy. Actually , it is applicable for all nations.
Concerns about European economy is raising again. Standard and Poor's downgraded the sovereigns of Greece from 'CC' long term and 'C' short term to ' selective default '. Over and above, many traders and analysts expect a strong correction before union budget. The charts too justify it. It is needed for further development . Hence, it can be told that market is bearish and target can set upon 4950-5010 range.
GOOD LUCK.....
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