Mktviews Weekly Nifty Analysis (21/11/2011-25/11/2011)

Global weakness persisting on A/c of fears of European Debt problems percolating to US banks had led to sell-off amongst all Global Markets. 

Rupee is falling heavily & has hit 51.3 v/s Dollar which has intensified the selling pressure & weakened the market sentiment tremendously. 

All time Low of Rupee i.e 51.67 was hit on 2nd March 2009 & 51.3 is not far away from it. Last time when Rupee traded at 51.67, Nifty was trading at sub-2600 levels. 

Nifty Futures is facing selling pressure on all rises & every attempts of pullbacks are faced with strong supply from higher levels & its advisable to REDUCE LONG POSITIONS till Nifty Future crosses & closes above 5058. 

Real panic & price capitulation would set in once Nifty Fut closes below strong support zone of 4819. Breach of 4819 could drift the index to lower levels of 4724/4639. 

  

Small Pullback upto 5166/5279 would be witnessed only if critical resistance area of 5039-5058 is crossed & Nifty Fut closes above it. 

If fails to cross abv 5058, will be in a trading range 4819-5058. 
 

Regards,
Team Market View Investments.
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