Friday, December 16, 2011

S&P CNX Nifty for the week 19th December 2011 to 23rd December 2011.

Nifty ended last week on a subdued note at 4651.6 after supply emerged in key index stocks during the latter half of Friday session. If the nifty does not trade conclusively above 4740 levels the supply may increase leading into further carnage and mayhem.  If the 4580 level gets breached on the downside then the immediate support exists at 4447 and then at 4295. Tough bargains in key index stocks is advised for mid term investors. However a technical bounce cannot be ruled out in which case if the market holds above 4740, a bout of short covering may take it to 4800 and then up to 4920.

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