Fears of Potential Greece default coupled with concerns over slowing US recovery & QE2 ending on 30th June triggered weakness in Global Markets.
Post RBI rate Hike, Selling Pressure intensified causing Indian Markets to extend its Losing Streak & close at a weekly Low.
Even Index Major Reliance has lost over 8% last week following CAG report accusing Oil Ministry for Favouring RIL by allowing it to double the development cost of its KG-D6 gas fields.
What has happened till now was Consolidation with a Negative Bias but below 5300 on Nifty would trigger Panic Selling. Use all Pullback rallies to Exit/Reduce Longs till 5500 is not breached on closing basis.
Post RBI rate Hike, Selling Pressure intensified causing Indian Markets to extend its Losing Streak & close at a weekly Low.
Even Index Major Reliance has lost over 8% last week following CAG report accusing Oil Ministry for Favouring RIL by allowing it to double the development cost of its KG-D6 gas fields.
What has happened till now was Consolidation with a Negative Bias but below 5300 on Nifty would trigger Panic Selling. Use all Pullback rallies to Exit/Reduce Longs till 5500 is not breached on closing basis.
Going Forward,
Nifty Fut will face stiff resistance @ 5484-5498 levels crossing & sustaining abv which further Momentum would lead to 5604 & 5734.
But, If fails to cross & sustain abv 5498, Will be in a trading range 5303-5498.
Strong support lies @ 5306-5315.
If breaks & closes below 5303, it may touch 5196 & 5076.
Nifty Fut will face stiff resistance @ 5484-5498 levels crossing & sustaining abv which further Momentum would lead to 5604 & 5734.
But, If fails to cross & sustain abv 5498, Will be in a trading range 5303-5498.
Strong support lies @ 5306-5315.
If breaks & closes below 5303, it may touch 5196 & 5076.
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