Nifty had a very volatile session but at the end saw to it that it closed just a wee bit over the resistance level of 5000. 5065 - 5075 is the next range of resistance that should hold back Nifty a bit and above that we shall come across the 5140 resistance. On the lower side, 4960 is the level to be broken for markets to decisively enter a medium term bearishness with 4900 being a last level to hold for the bulls.
US Markets opened positive yesterday and at one point of time Dow was trading above 10000 but could not sustain the momentum and once again closed in negative zone. Compared to Indian Markets, Dow is already trading well below its 200 day EMA. This coupled with fact that there has been no major positive news in the offing has curtailed the ability of the markes to see new highs.
Short Term Trend for Nifty is Bearish though pullbacks may be seen.
Buy Cummins India above 590 for targets of 615 & 645 (Short Term)
Buy Thermax above 712 for targets of 745 & 812 (Short Term)
Regards
Prashanth
Mythri Stocks & Shares Pvt Ltd.,
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