Equity Market Pundit

Nifty---19/02/2008---Tuesday

Well as anticipated and posted in my earlier post (Monday outlook) Nifty took the 5340+ as resistance and has now stopped making the intraday high of 5348(quite close uh!). Ok so as mentioned the short position today would have minted money in tones today on the nifty future. Even the Rpower bonus share news and the talk that the iron ore prices will increase by 60% could not help the markets.

So now where do we go from here ? But offcourse down. As 5340-50 is now acting as a good resistance there is little chance of any upside. So I think tommorow ie on tuesday Nifty will not give any much movement on either side but if the markets is in the bad mood we can see the level of 5332 and then 5187 and even upto 5160 if the market remains bearish.(During times like these you can even see extremes that you never calculated) Although the chances of significant upside are less but still 5317 and 5334 will be major resistance for tommorow. The upside cannot be completely ruled out as the technical charts are suggesting esp the MACD. Even then as mentioned earlier 5340-5360 will be a major hurdle in this week

Go short you should be in the moeny soon
Disclaimer : The analysis done and the opinion expressed is my personal view, for just info purpose.