Market Overview - CashTheChaos

Daily Outlook for Mar-05-2008

NiftySensex

NSE Nifty(4864.25):Indian markets lost further ground as stocks extended their southbound journey. Yesterday's 1.7% loss for the Nifty has also put market heavyweight Reliance Industries below its 200DMA for the first time since 2005. It may be unwise to expect the selling pressure to die down and infact it may even be prudent to expect the market to put pressure on the January lows in the near term. We expect more sellers to step in if there happens to be any bounce back and those traders who have not yet adopted a sell the rallies approach may want to take a look at the sensex chart above. The support for the Nifty are at 4820, 4770 & 4625 and resistance is projected at 5050.

Disclaimer: The author may be trading in, or have positions in the above mentioned securities. The views expressed here are based on technical analysis. Any decision to enter the world of futures or options or to purchase and sell any securities as a result of the opinions expressed here will be the full responsibility of the individual authorising such transaction.This is neither a solicitation nor an offer to Buy/Sell futures, stocks or options on the same.The past performance is not necessarily indicative of future results. The author expressly disclaims all liability for the use or interpretation of the information contained throughout this document. The contents of this website are not to be reproduced, distributed or published, in whole or in part, for any purpose without the prior written consent from the author.