Market Overview - CashTheChaos

Daily Outlook for Mar-14-2008

Nifty

NSE Nifty(4623.60):Indian stocks were slammed lower as bears took firm control of the day's proceeding and Nifty ended the day with a sizeable loss of 5%. Yesterday's price action has provided two important technical formations. One, we have a new low for 2008 on the Sensex and secondly, Nifty has closed below its long term trend line for the first time in almost five years. Bear in mind, the Sensex is already below it's long term trend line (mentioned in Monday's update).The January low of 4448 on the Nifty could just turn out to be formality before it is violated. The support for the Nifty is at 4448 and resistance is projected at 4770 and 5050-86.

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