Diya Market Khatarnak.... DMK Pulls out support from UPA

Hi all,

DMK pulls out of UPA govt over Sri Lanka Tamils issue

DMK ready to reconsider its decision if Parliament adopts resolution before Mar 2

Markets have dropped over 1% in late morning trades with the Sensex plunging below 19,000 amid political uncertainty after the DMK began withdrawing suport to the ruling United Progressive Alliance.

Nifty is currently down by around 65 points off the intraday lows of 5724...

I feel though it would be a bit risky still 5720-5690  and 5640 will act as key supports, bears are advised to book part profits and trail SL at costs.... Would be very risky to go long now, waiting for a good signal on daily or hourly charts is advisable...

Cheers

Hrishi...

 

Nifty tumbling down .... Short term Support near 5790....

Hi all,

Nifty is tumbling down after a smart post budget rally from 5660 to 5970.. However, it is tumbling down since past few days on weak global cues and profit booking at higher levels... SGX Nifty future is trading down by more than 40-45 points and trading near 5850 level (corresponding spot level near 5820-25)....

However I expect Nifty to take a support near 5790 levels which is the latest swing bottom on daily charts
.... But a failure to hold on 5790-85 levels could result in short term bias changing to downward with supports near 5700-5650...

Resistances on top would be near 5950-5980-6000.....

Cheers

Hrishi