Mktviews Weekly Nifty Analysis (12/08/2011-16/09/2011)

Fragile Global Markets, Selling Pressure on all rises & Lack of Buying Support @ Lower levels has halted the current Short-Covering Upmove. 

RBI policy on 16th Sept would be a key trigger as to whether it gives preferencefor Higher Growth or tightens rates further to tame rising Inflation. 

Also Q2FY12 Corporate Advance Tax Payment due on Thursday 15th Sept would be keenly watched as it may provide cues on Q2FY12 results. 

What has happened till now was Consolidation & Distribution at higher levels with a Negative Bias, But Closing below 4908 on Nifty Fut would trigger panic Selling Upto 4819/4735. 

Critical Resistance Lies @ 5089-5109 levels & Small Pullback upto 5208/5324 would be witnessed incase Nifty Fut manages to close above 5109 with Volumes. 

Incase Nifty fails to close abv 5109, would trade in 4908-5109 range. 

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