First of all I salute all the martyrs who have sacrificed their life to bring smile on the faces of the countrymen & hostages. I honestly pray for our brothers and sisters who died in Mumbai Terrorist attacks. Appeals all to keep up the patriotic spirit and stay united to show our strength- Jai Hind
Analysing the effect of this terrorist activity in mumbai & at first instance its effect appears that FIIs won't put money in Indian markets very easily now and the same will occur despite of good economic performance of India and results of the companies,this will make market perform not upto the mark and thus it can again bring disappointments to the investors in coming time.
For this week, Nifty is having support at 2630 (as told in earlier week also),if this support level is not breached then nifty will head higher,however if this level is breached then we can see nifty going down to 2540-2470 level.In current market,nifty is having intermediate support at 2705 level,and resistance at 2790 level. If 2790 levels is crossed and sustained then we can see upside in nifty till 2830-2865-2910 levels. Once Nifty crosses 2900+ level,then we can see some positive bias coming in markets,higher levels of 3100 can be seen. Nifty range for this week will be 2630-2910,breakout on eitherside will be decide the nifty trend.
Due to the current political scenario,the market trend will be highly volatile,and with ambiguous moves,so trading must be done with strict stoplosses and with extra cautious. Leveraging positions in current market is not recommended,and hedging is adviced against every trade done. One should keep booking profits,to be on safe side.
Nifty levels-
Resistance- 2790-2830-2865-2910-2985
Support- 2705-2665-2630-2580-2540
Stocks to watch-
GVK Power
Andhra Bank
Nalco
GMR Infra
MIC
NTPC
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