For 10th Feb 2014 Monday:-
Yesterday American & European market closed positive. SGX nifty is trading at 6110 higher at 32 points. In January when we have tapering effect by US, we were having negative effect in global market and in also their currencies. Dollar was getting stronger against the world currencies (Seen major fall in world market). In February tapering is continued even with a higher pace means US market is stronger and because of this we see false gap up opening in our Indian market but don’t have strength to go ahead or rise in market. We doubt, FII’s or hedge funds are making basket selling just to hide things. Even in past when we have strong undertone we could not sustain at higher level or could not rise, Even Thursday and Friday give indication of this.
Today Asian market after opening higher, find profit booking slowly and gradually at higher level. Because of this SGX nifty future also looses its firmness slowly. Nifty Future Friday opened 6092 made a high 6099, Low at 6036 and closed at 6078. Today 6122 is important resistance and 6070 support. Nifty future open around 6105 (because of SGX Positive and US closing) and find start profit booking around 6120. As seen in chart, gradually profit booking in market or nifty and nifty might close around 6060 to 6070.
We see profit booking in banking shares and Banknifty. Banknifty future Friday made a high 10348, Low 10182 and closed 10284. Today Banknifty may make a high 10398 and low 10200. Traders can sell Banknifty at higher prices depending higher prices of day.
(Expected to happen during market timing)
Thanks & Regards
Nishant Jani
9374083399
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