Monday, March 4, 2013

S&P CNX Nifty for 5 March 2013.

The tipping point for the day is at 5691 with immediate support at 5681 failing which the market will re-test yesterday's  support of 5663.75. However, if this support is broken conclusively with good volumes and also on closing basis, then market is clearly headed towards the 5558 mark.
On the flip side, in case the index trades above the tipping point consistently, the immediate resistance is at 5707, 5737 and 5780.
Our outlook for the day is of continued weakness and all the sectors other then Financial may be avoided by the mid term investors. Upsides will be caught with supply pressures and short term traders may as well play on the short side.

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