Nifty ( Closing ) : 5339.75
NIFTY TREND FOR 02-03-2012
Major Resistance Levels : 5387-5423-5462.
Major Support Levels : 5288-5249-5213.
Short / Middle Term Target : 4950-5010.
Nifty lost 45 points and closed at 5339.75. This bearish trend was predicted yesterday ( NIFTY TODAY : EPISODE 54). Nifty gained well support at our first support level, 5327. ( It was given yesterday . Ref: NIFTY TODAY : EPISODE 54).
MARUTI sold 118949 units in February with an increase of 6.5%. It was 111645 in the same month in 2011. This increased sales helped MARUTI to place No.1 among 'NSE Top Gainers '.
The Cabinet allowed buyback facility for PSUs ( Public Sector Undertakings ). This decision may become favour for market.
But, the issues related to oil price hike, increased inflation rate, low GDP rate are still existing . It can evoke bad feelings on market.
Another remarkable thing is that FIIs' net value were -126.52 Cr today . Though it was a small amount, this negative net value did nt show after 30 th January ( FII net value were -201.71 on that day. In this vulnerable context, FIIs may try to sell their positions. If they start selling , market will have to face heavy selling pressure .
Our intraday tip touched our first target. Timely intervention for correction of stop loss helped many traders from loss booking.
Market is bearish and please avoid long positions tomorrow .
GOOD LUCK.....
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