Market Outlook Jan 07 2011

The weakness continued at the markets for the third straight session. The Nifty shed another 30 points to close below 6,050.

The Sensex shut shop at 20,184, down 116 points.

As suggested earlier the rate sensitives realty and banks had been taken big hit, inspite of a healthy correction that occurred in these still we beleive this may not be right time to be in . Rate tightening is expected by RBI, Inflation is still not in control and food inflation has been conistently in double digit figure. Hence keep away from financials ,banks and realty for a while .


Next Day Trading Ranges : Key Resistences and Support Areas

The [R3] or the most extreme high trading range is 6205.
The [R2] or the extreme high trading range is 6173.
The [R1] or the high trading range is 6126.
The [P] or pivot point is 6094.
The [S1] or the low trading range is 6047.
The [S2] or the extreme low trading range is 6015.
The [S3] or the most extreme low trading range is 5968.

Nifty may Get support around 6027 level this should be watched.



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