NIFTY TODAY : EPISODE 63

NIFTY TREND FOR 14/03/2012 Major Resistance Levels : 5460-5479-5508 Major Support Levels : 5390-5361-5342. Middle / Short Term Target : 4950-5010 Market is still bearish . It is advisable to avoid long ( buying ) positions tomorrow too. Nifty ( Closing ) : 5429.50 Nifty opened with a big gap at 5391. Immediately , it reached to our first resistance level ( Ref: NIFTY TODAY : EPISODE 62 ) and it couldn't break that range till closing . As we forecasted yesterday , long positions were not good for last session. Global markets were up and they brought the positive sentiments to Indian market too. Besides , positive IIP data which published yesterday could help the market for an opening with a hike. In the Union Budget for financial year 2013, Government may take some bitter , strong and strict decisions due to inflation and low GDP growth. Because , next budget will be presented before the Union election . But, government has to present a populist budget this time , hence some state elections will be conducted in near future. So, government is compelled to make some firm decisions which may not be favourable for the corporate world. Thus, budget may affect market negatively . Therefore, please avoid long term positions now. GOOD LUCK.....