Nifty
FREE WEEKLY MARKET FORECAST REPORT 6-9-10 TO 10-9-10
This week market may consolidate near current level
Last week Sensex gained 223 points or +1.24% to 18221 and Nifty gained 108 points or +1.31% to 5479 in the week ended 3-9-2010. Last week nifty bounce back from bottom but still nifty could not cross previous high of 5543. On weekly basis nifty is having strong support at 5334 and resistance at 5543.
Last week GDP data showed good strength. Auto sector and Cement sector also showed good numbers. Looking Indian Vix closed at all time low at 15.86. This VIX number is showing nifty could not jump easily to new high. Volatility should be increase other wise nifty may slide down again in comming weeks.
This week we advise to buy nifty if it close above 5543. Otherwise remain neutral and sell nifty only below 5392 on closing basis. This week market may consolidate between 5368 to 5540
