Yesterday begun US tsunami reached Asia today morning and all the Asian markets are 1/2% to 1% down today morning. Indian markets are already weak and range bound between 5450-5590 and also got support at lower levels between this range. As all the global markets are weak therefore firstly Indian markets reaction to global weakness has to be understood. Immediate supports within mentioned range are as follows:-
1- 5525
2- 5505
3- 5487
4- 5460
Move below 5500 will mean nullifying of 2 supports and in that situation more weakness will be possible. Indian markets first half hour trading will tell Indian markets reaction to global weakness. Although sentiment is most depressed today morning but rally expected within couple of sessions.
Nifty sustaining beyond 5525 will be watched first for next moves first indication.
1- 5525
2- 5505
3- 5487
4- 5460
Move below 5500 will mean nullifying of 2 supports and in that situation more weakness will be possible. Indian markets first half hour trading will tell Indian markets reaction to global weakness. Although sentiment is most depressed today morning but rally expected within couple of sessions.
Nifty sustaining beyond 5525 will be watched first for next moves first indication.