Market Overview - CashTheChaos

Daily Outlook for Mar-10-2008

Nifty

NSE Nifty(4771.60):After a days let up, bears continued their assault on the bourses and the broad indices tumbled lower to finish the week with a whopping loss of 9%. The bears have also recieved further short in their arm by managing to take the Sensex below the major trendline on a weekly closing basis for the first time in nearly five years. Also, we have one more lower lows on the Nifty on a closing basis. Any further fall is likely to take the Nifty and Sensex to oversold levels and that may provide some respite for the sell off but traders should not mistake such a relief for a turnaround in the markets. Timewise, Nifty is ripe for a technical recovery. The support for the Nifty are at 4625 and 4448 and resistance is projected at 4820 and 5050.

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