Market Volatile

The market has opened on a flat note but the Nifty has
witnessed selling pressure at higher levels. The Nifty on
the daily chart is trading in a range of 4450 and 4250,
which are crucial levels. We expect the momentum to be
negative and volatility on intraday basis. Market breadth
is negative with 423 advances and 703 declines. Daily
momentum indicator has given a negative crossover and
is trading above the zero line. On the daily charts, support
at 4235 and strong resistance at 4435 are indicated.
On hourly charts, a triangle has formed and has also broken
on the down side, with a support at 4235 and resistance
at 4400. The momentum indicator has given a negative
crossover and is trading below the zero line. Strong support
at 4235 and a very strong resistance at 4325 are indicated
on the hourly charts.


Century Textile has gained momentum and is likely to test
Rs400 on the downside. Infosys seems to be having support
around Rs1,695 and on the upside is likely to test Rs1,850.
Banking sector has gained momentum and is expected to
move downward.