Market outlook Jan 31 2011

Indian equities closed in the red on Friday as foreign investors pulled out some money by selling shares for the second consecutive day. The sell-off across sectors during the day sent the Nifty well below 5500-mark for the first time since September 6, 2010, but buying by domestic institutions at lower levels due to an oversold situation helped Nifty to say above 5500 level .

Global markets too were not supportive with US market unable to hold key level and closed in red. The turbulance in egypt too added fears to the middle east markets.

There was bit of buying seen towards the closing hour of the market hence , as currently the market is in oversold situation hence a minor pull back from the this level cannot be ruled out however we advice caution for trading but to look for good buying at this level for medium to long term perspective.


Next Day Trading Ranges : Key Resistences and Support Areas

The [R3] or the most extreme high trading range is 5688.
The [R2] or the extreme high trading range is 5641.
The [R1] or the high trading range is 5557.
The [P] or pivot point is 5510.
The [S1] or the low trading range is 5443.
The [S2] or the extreme low trading range is 5426.
The [S3] or the most extreme low trading range is 5380.




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