Thursday, April 12, 2012

Tomorrow, Friday 13, what it store for Nifty??

If you have any fear of Friday combining with number 13, mind it, it may prove correct as far as Nifty is concerned. Next one will be on July 2012. Last time it occurred on May 13, 2011 and Nifty was 1.07% up.
Volume was more and nifty range was also high compared to last seven days. But US was not as good as Indian market and it laid our nifty to shade all gains on coming week.
This time, Nifty is struggling at very crucial level 5260 to 5290. Also it is moving in a narrow range of 100 points for the last five days.
Everybody seems waiting for Infosys result and RBI policy review. Expectation is a 25 basis point cut in the policy repo rate next week, which would bring it to 8.25 percent. Today's IIP number did nothing to market as it is very volatile in nature and analyst doubt over it's accuracy. March WPI data is also due on Monday.

Nifty closing of below 5250 on weekly basis would only empower bears. and below 5200 more downfall can be predicated. Closing above 5310 has also limited upside till 5630 last rally high.

4 comments:

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