Friday, November 11, 2011


Nifty had tried to sustain over 5300 level in last couple of trading days but Nifty had not succeeded to remain over this level. After high volatility in markets, Nifty took direction from European markets and closed 5221 level on Wednesday near day’s low. U.S markets tumbled over 3% after Greece and Italy news. It was holiday in markets on Thursday. U.S. markets take some rebound after relaxation in Euro zone. SGX Nifty is currently trading on near 5180 level; Nifty may open on this level in Indian markets. 5180 is the strong support for Nifty. Nifty may rebound near this level and take final direction after Europe opening. Put – call ratio for Nifty 5200 strike rate is below than 1 so far, which indicates that Nifty may take support near 5200 level. Nifty may weak after closing below 5180 and short selling may come in Nifty. Nifty may only buy over 5225 level with the strict stop-loss of 5175 and target may 5300 level for today.