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Market Compass for 28.08.2008 |
rameshraja
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Joined: 24 Nov 2006
Posts: 1121
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Post: #1  Posted: Thu Aug 28, 2008 8:28 am Post subject: Market Compass for 28.08.2008 |
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Today is the last day of the current series of futures and being the settlement day, market tend to be volatile. Traders have to exercise caution in trading as there will be lot of pull and pressure in the market for roll over cost.
The following are levels to be watched for today's trading in Nifty Futures:
Today's Nifty Futures Range: 4325 - 4180
Nifty futures should face resistance around 4320 level and if it moves above that with strength, it can go to 4359. Breakout will be 4370 with SL at 4350 for TGT of 4395 - 4410 - 4445.
On Downside it can try to take support around 4290. Breakdown will be 4284 and SL should be 4305 for TGT of 4258 - 4217 - 4196 - 4180.
The entire move of Nifty Futures today is with reference to Reliance stock and that should determine the trend of the market.
Reliance Crossing 2175 in futures, one should be extremely careful in shorts and stock can moveto 2187 - 2210 - 2223 - 2241 - 2255 - 2271. Today the stock can open around 2163 and move down to 2145 - 2133 - 2116 - 2086.
Last but not the least, for today' trading, be extremely careful in shorts if RIL crosses 2175 in futures.
Best Wishes
C T RAMESH RAJA |
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