Nifty Trend
Support level - 5650-5625
Resistance Level - 5784-5800-6000
If Nifty breaks 5700 level than one has to exit all longs from the market.
Weak Asian market can be attributed to the today’s plunge in the market which we had predicted yesterday. The market breadth has been negative with 1826 declines against 1083 advances. IndusInd Q4 net profit jumped 76% to Rs 172 cr and despite that it has gone down today as in the negative market environment even good stocks also take a toll. We see market moving in a broad range of 5700-5735-5800-6050-6135 and thus it is good to trade only in successful stocks as aim is to trade less but trade with a high level of accuracy. The aim should be to stay longer in market, rather than to cut the golden eggs laying hen as stock market opens its gateways to riches almost every day.
Support level - 5650-5625
Resistance Level - 5784-5800-6000
If Nifty breaks 5700 level than one has to exit all longs from the market.
Weak Asian market can be attributed to the today’s plunge in the market which we had predicted yesterday. The market breadth has been negative with 1826 declines against 1083 advances. IndusInd Q4 net profit jumped 76% to Rs 172 cr and despite that it has gone down today as in the negative market environment even good stocks also take a toll. We see market moving in a broad range of 5700-5735-5800-6050-6135 and thus it is good to trade only in successful stocks as aim is to trade less but trade with a high level of accuracy. The aim should be to stay longer in market, rather than to cut the golden eggs laying hen as stock market opens its gateways to riches almost every day.
In the present global scenario of high inflation, we may see a consolidation phase in the market as we are going to see the March quarter earnings and looking out into June quarter earnings for companies across the globe and we need to be cautious as rising costs, input costs and the high rising crude costs are going to take a toll on the market.
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