Market Overview - CashTheChaos

Daily Outlook for May-08-2008

Nifty

NSE Nifty(5135.50): A smart recovery of nearly half of the entire day's range towards the day's closing was not enough to push the broad markets into the green. The spike high of 5298 near our resistance band of 5300-70 has so far offered resistance to the current rally and markets have been reacting from there. A narrow consolidation between 5300-5080 would be a bullish sign and hence one needs to be watchful of the lows of the current reaction. Those who have followed principled money management by taking partial profits and placing appropriate stops would not have much to worry in this market. The support for the Nifty is at 5080 and resistance is projected at 5300-70.

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