Pre-Open Market Outlook(24-02-2011)
The turmoil in Libya heaped further pressure on stocks around the world yesterday as investors worry that the global economic recovery may be derailed by the sharp rise in oil prices and swelling inflation. Fear of spreading Libyan revolt in other neighbouring countries is so high that all the global markets has started to melt and Indian markets are also not saved and seems that 11th Feb 2011 begun rally has been fused and lower levels expected in Indian markets also after Libyan unrest broken out. As down move fear was expected therefore following lines were told immediately after opening in Post-open outlook yesterday despite positive trading Indian markets:-
"immediate up move confirmation range is 5490-5515 and if Nifty sustains above 5515 then it will be confirmation of Indian markets up moves"
Intraday charts of last 2 sessions are showing selling within 5460-5515 and until Nifty will not sustain above 5515 till then any rally can not be imagined despite whatsoever Budget-2011-2012
Intraday chart showing last 2 Days Selling within 5460-5515:-
Clear selling in last 2 sessions and sentiment is also completely depressed and slipping possibility is also high therefore supports will be watched:-
1- 5410-5415(minor support,its breaking down and moves below 5400 expected)
2- 5310-5340(Gap on 14-02-2011)
Above mentioned supports are not strong and will be blown over after any negative mood after Budget and slipping below 5310 will mean testing possibility of 5177.
Opening to closing within 5385-5460 expected after flat to Weak opening today.