May 08, 2009

Intraday View For 08/05/09

Nifty: Resistance 3692/3708/3735/3770
Support 3646/3636/3618/3591/3573/3550

Nifty remained whole day in a range with some quick moves on either side. Expect another rangebound day. Over all, selling is being witness on higher levels & weakness is been witness.Nifty below 3636 (closing basis), may lead to more weakness towards 3573-3500. One may utilise hikes to exit & offload leverage positions both on short & long side before upcoming election results.
Expect a flat/-ve opening in line with Asian Market.

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