Intraday Trend-24/05/2013

Markets plunged surpassing their strong support levels as crash in Japanese market and weakness in rupee further negated the sentiments. Nifty future found support at 38.2% retracement at 5950. If it holds below this retracement level then it may soon test the next major support of 5850. While holding above 6000 level can only strengthen nifty where 6060 will act as strong resistance for it.

TREND: SIDEWAYS

SUPPORT: 5920 & 5860

RESISTANCE: 6020 & 6060

Major Market News:

  • Sensex ends down 388 points; Nifty falls below 6,000.
  • Nikkei tanks 1,143 points, biggest fall in over 2 years.
  • SBI Q4 profit falls 18.5%, missing forecast.
  • BHEL Q4 profit falls 4.2%.
  • JSW Steel’s Q4 net down 24% on higher interest cost.
  • Dish TV reports net loss of Rs 43.6 cr in Q4; margins fall.

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