Nifty Spot Price : 5025
Nifty today started with a great bang downwards due to fear of Oil hitting a new record high of 135$/Barrel
Dow Sheds more than 200 pts last wednesday added the fire to the oil. Will Fridays Market can show any
positive sign for upwards? Will Nifty Down below 5000 levels?
As Yen Started weak today at 102.88 which has strict support at 102.75/Dollar. We also notified to our
sms subscribers that if Yen dips below 102.75/Dollar there is a chance of huge selling pressure from FII Investors
Speaking Technically,Yen bounced to higher levels this makes the Japanese market to recover also our market too
show initial signs of recovery upto 5060 where nifty finds strong resistance. Currently Yen is trading at 103.67/Dollar
So no chance of FII selling factors in until yen takes a hard knock
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Click the chart to get enlarged
There is a chance of nifty to move downwards if the inflation numbers expected tommorow noon. Any small decrease in
Inflation numbers will lead to celebration in the market. But rising metal and crude oil prices are resisting us to think about
lowering of inflation numbers
Nifty Trading Strategy :
Nifty currently seen supports in the range of 4990- 5010. So traders are requested to hold stric stoploss in nifty calls at 4986
If nfity breaks 4990 then traders are recommend to short the market for a downside target of 4740. If nifty turn bullish and any break
out above 5080 can lead the market to 5350 levels. If you had already taken the nifty call then please maintain strict stop loss.
Currently 5200-Nifty-June call is available at cheaper price. If nifty breaks 4990 then it is good to take May-4800-Put Option
for good returns
Investors are recommended to stick with steel and I.T stocks for which rupee depreciation is a a great catalysts at this point of
time and stay away from capital goods and banking stocks.
Lets see the Bull Vs Bears Fight hardly intresting than IPL's T20
Happy Trading
Regards,
Rajandran R
Author – MarketCalls
