Market Outlook Jan 27 2011

RBI's Credit policy was out on Tuesday . The absence of any surprise on the rate front cheered the markets, but RBI stance especially on inflation, spoilt sentiment.Technically a bearish engulfing candle formation was made on tuesday indicating the end to recent pullback rally. However as indicated earlier 5687 holds a support level , one need to watch this closely on thursday , wednesday being holiday and thursday the expiry there is fair amount of volatility expected into the market.With global cues supportive , US market up on Obama speach on low corporate taxes, For tommorrow market may be upward biased .

The Nifty closed at 5,687, down 56 points, the Sensex closed at 18,969 down 181 points.Our view for near term is downward biased and Nifty to find suport at around 5550, Tommorrow nifty may trade in tight range .

Watch commodities stocks for Tommorrow


Next Day Trading Ranges : Key Resistences and Support Areas

The [R3] or the most extreme high trading range is 5766.
The [R2] or the extreme high trading range is 5732.
The [R1] or the high trading range is 5708.
The [P] or pivot point is 5687.
The [S1] or the low trading range is 5674.
The [S2] or the extreme low trading range is 5650.
The [S3] or the most extreme low trading range is 5604.

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