NIFTY MOVEMENT ON 28th Nov 2009 – Keep Watching

Nifty Movement on 28th Nov 2009

4792 & 4745 ARE TWO MAJOR SUPPORT FOR NIFTY &, IF NIFTY CLOSE BELOW TO THIS LEVELS THEN IN COMING DAYS THEN NIFTY WILL COME DOWN TILL 4500.

BUY NIFTY ONLY WHEN NIFTY CROSS 5000 level Mark,Safe levels to Buy NIFTY 5022 and 5047 then Nifty will hit to 5175 – 5250.

Market Outlook on 27th Nov 2009

The BSE Sensex and the NSE Nifty closed with losses of around 200 points [1.2%] and 60 points [1.2%] respectively. Stocks from the mid and small cap spaces also followed suit. The BSE Midcap and BSE-Smallcap indices closed lower by around 1.3% and 2.1% respectively. The rupee was trading at 46.72 to the US dollar at the time of writing.

In the late afternoon session, the markets extended its losses owing to more than 3% fall in the Chinese markets. Subsequently, in the last session the gauge continued its journey downwards and touched the intraday low of 16,808.87, owing to weak European markets and larger than expected rise in annual food inflation.

All Asian markets closed weak today. Hong Kong and Korea (each down around 5%) were the biggest losers. Following these were the markets of Japan (down 3%) and China (down 2.5%). Investors also curtailed their exposure to commodities amid uncertainty about the global fallout from Dubai’s financial troubles. This led to oil prices falling by around 4.5% to near US$ 74 a barrel.

Looking at the Indian markets, these faced the ire of investors who now fear another round of defaults and credit crisis around the world. In fact, today’s decline in banking stocks said it all. The BSE’s banking index fell by around 3.3%, second worst to the realty index that closed down by almost 4%.

Nifty Today’s Close : 4,898.40, If it moves further and breaks the 4925 Support level then you will see nifty might touch 4975 – 5000 levels in coming days

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