Archives : DAILY MARKET OUTLOOK : 10/05/2010


There is a relief rally in the Asian markets on the back of Greece package being approved and that will be reflected in our market as well.

Expect the market to bounce back in line with the global markets, but that will notchange the intermediate downtrend. The Nifty will face strong resistance around 5110-5115 levels. Only a close above the 50dma (5195) will change the intermediate trend from down to up.

A good strategy for the traders is to wait out for today and observe from the sidelines as to where the market is closing.

Sensex Resistance 16876-16980-17195. Support 16681-16647-16599.

Nifty Resistance 5070-5110-5137. Support 4984-4961-4943.

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