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Moneycontrol.com >> Message Board >> View Messages >> Market Outlook - Short Term
   You are here :     Moneycontrol     MMB    Market View      Market Outlook - Short Term                         Most active discussions of 2006 , 2007 & 2008
Next week may be good for bulls (24)   04-Jul-08 20:33Tracked by (0)  
Posted by:   sonu25 on ( 04-Jul-08 20:33 )
Good Points are
1) Strength in Dollar has started bringing down commodity prices. Gold dropped 10 $ sharply from its peak.
like other commodities rise in oil prices will also be checked due to it

another good news is
Crude Oil Falls as Iran Responds to Offer on Nuclear Program
check the news on bloomberg

2) Infosys results are due on 11th.
Dollar has risen from 39.88000 on 1st april 2008 to 42.93000 on 30th june.
good results are expected for infosys.
some pre result speculation would be good for prices in IT sector.

3) Political uncertainty seems to be receding.

considering the discount on nifty there seems to be a lot of shorts which will get covered on small positive triggers.

having said that market is equally vulnerable to bad news and bears are itching to hammer it down to 3700- 3600.
3848 is the level closing below which down trend will catch momentum.

the way market overlooked the bad inflation figures shows that lot of bad news is already factored in the current prices and market just needs slight good news to pull back.

Weekly technical analysis
This weeks high = 4163 low = 3848 close 4016.Pivot for next week is 4006 weekly resistance r1 at 4170 support s1 at 3855. r2 = 4324 s2 = 3694.

+ve closing on monday above 4006 will give a bullish technical tone for the week on monday.

daily technical analysis
Today High 4033.5 low 3896 close 4016
pivot for monday is 3981.
if nifty sustains above 3981 level then
it will test 4067 below 3981 support is at 3930.

lot will depend on how the news flows but I feel next week is going to be positive.

with regards
Deven

















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