Equity benchmarks were reeling under heavy selling pressure till the final hour of trade on Friday as bears dragged the Nifty to its 52 week low. Nifty kept on forming lower top and lower bottom in the hourly chart through out the week.
- Nifty has re-visited the 4700 levels for the fourth time in last five months.This is for the first time it has closed below the critical level
- A sustained trading below the 4700 mark would therefore be a prerequisite for the bears to stamp their authority and drag the index towards 4500-4400 region
- On the higher side Friday's high of 4818 is seen as immediate critical resistance only sustaining above this level it can test the bearish gap down area of December 9 at 4920 level
- In the month of December (December 15) FIIs have been net sellers to the tune of 109 crores while DIIs have bought shares worth 91 crores
- Key data to watch globally would be US MBA mortgage applications, Initial Jobless claims, and MBA mortgage application, US GDP
- In India, next week the key data to watch would be weekly inflation
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