The markets were in doubt about the concerns in the liquidity situation and the redemption pressure. Till date every body said they are sitting in cash and can grab the opportunity but the situations changed to a different dimension- CASH CRUNCH. The global situation for now came to a halt but the internal situation is brewing to worse.
The markets got resistance as expected yesterday at 3640-60 range, the high touched at 3648.25. Now the immediate support was at 3365-80 level on the down side and Nifty has to trade above 3650 level to see the down trend in our markets to take a halt.
The last night US markets and now the Asian markets are shedding the gain from the rally experienced two days back. The situation here can no different from them. The NBFCs are selling shares pledged; the FIIs are continuous to enjoy selling at this distressed levels may cap the up side rally.
The Nifty has to trade above 3570 levels for a buying, but the resistance was at 3534-38 level. The supports existed at 3460 level which may not hold but the 3441-33 level may come to rescue.
Wednesday, October 15, 2008
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