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

Last Week, Market sentiment has been dampened on A/c of jittery global markets due to newsflow w.r.t concerns over outcome of EU summit, Policy paralysis by UPA Govt & Logjam in Parliament over FDI in Retail causing Nifty to once again retest sub-4850 levels. 

IIP data to be announced on Monday & Inflation data on Wednesday will provide cues on RBI's likely policy stance at its mid-quarter monetary policy review on Friday. 

Q3 FY12 corporate advance tax payments due on Thursday would be keenly watched as it may provide cues on Q3 results of Companies. 

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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