Posted by: Babu Suresh | April 4, 2009

Nifty-Weekly Analysis-04th Apr 2009

Daily and Weekly Spot Nifty charts:Nifty_Spt_DW_03-04-09

Hi Folks, I am sure some of you would have enjoyed the whole week, while many of you would have been wondering whether the market would sustain, continue to rise or crash again.

This week, Nifty rose 3.3% compared to 10% gain we saw the previous week but some of the key stocks, notably Metals, Real Estate, Infra etc. gained significantly.

Spot Nifty H1–H4–ChartsSpot-Nifty-H1-H4-02-04-09

My last week’s 1st support, 2961 held well and my resistance, 3160 was firmly broken, to lead nifty to the current levels. I would advise to exercise caution as the rise was quite substantial, esp. taking into consideration there has not been any noteworthy improvement on the economic or fiscal front. The whole rise was attributed to 3 things: 1. US markets’ rise; 2. Banking & Financial Institutions’ Net worth building and 3. Technical Break out.

As usual rumourmongers have begun their work in full swing. Some of the funniest rumours I happened to hear were, 1. Japanese funds are pouring in into our market; 2. All the unaccounted money of our fellow country men from Swiss banks have started flooding into our market; 3. Market is rising to help Congress party to return to the power. Not bad at all. Be happy with all these lovely rumours, be thankful to God, book your profits if you are long, preserve your profits and wait. For others who have been waiting on the sidelines, I would advise them to wait for the next time. Do not get carried away by seeing Sensex crossing 8,000, 9,000, 10,000, 12,000…mind you, they are just numbers.

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