My winners -Oscar 2012. I would give my Oscars for 2012 to.... 1- Best picture- The Artist 2- Best director- Martin Scorsese for Hugo 3- Best Actor- Jean Dujardin, The Artist 4- Best Actress- Viola Davis, The Help 5- Best Animated feature- Rango.
As envisaged last week, the market took a breather, thanks to settlement. Although the under current seems to be bullish but chances of a little more downside are possible. If the 5415 level does not hold conclusively then the immediate support exists at 5323 and then 5269. However, if market holds the current levels on closing basis for the next few sessions then the resistance should be at 5460 and 5505. If 5555 is conquered conclusively then market may be headed for higher highs as short covering will kick in.
The stock market continues to be bullish with the next major resistance at 5658, which if conquered conclusively with good volumes in next few sessions may lead Nifty to 5710 and above. However this being a tripple witching week, chances of unwinding of longs cannot be ruled out. The immediate support is at 5580 and then at 5505 which if broken can see further erosion till 5415.
As envisaged earlier after breaking the 50.79 resistance, the currency did show some strength of late. The bull run will continue only if it breaks the resistance of 47.70 conclusively which will see fresh longs. Otherwise it will continue to be week. The immediate support is at 49.80. On the flip side however, if the 51.70 support is broken, fresh shorts will be built.
Nifty faced stiff resistance above 5405 levels as envisaged last week.The bull run may continue if it trades above 5395 with good volumes in the next few sessionsin which case it should aim for 5712. However this week may see unwinding of longs. The immediate support is at 5310/ 5280 which if broken may take Nifty to 5210, 5100 and then . Traders on the long side are advised to book their profits partailly or hedge their longs depending on the above.
Nifty continues to be in bullish mode with next target of 5405 which should act as a strong resistance. If this level too gets conquered then it should aim for 5712. However from 5405 onwards it should consolidate. The immediate support is at 5295 which if broken may take Nifty to 5140 and then 5035. Traders on the long side are advised to raise their trailing stop loss with each advance in Nifty.