Hello friends
Nice to talk to you. Indian market showed a good buying today on 18/01/2011 inspite of mixed response from Asian markets and buying seemed to be from all sectors however it showed main contribution from Banking and IT stocks.
Level of 5760 seemed to be a crucial resistance for Nifty and if crossed, nifty may move further to 5830-5850 levels in coming days. It may be a short term relief rally for Indian market and if we breached level of 5630 for nifty, we may reach 5500-5550 levels. At that time 5500 will be a crucial support for long term investments.
However I believe that unless some FII investments dont increase for India, there will be a fear of downtrend. This is the reason to ramain cautious in market.One should not invest whole money at this time and at least half of your budget should be at hand to invest at times of market crash. This is the only way to survive in stock market.
Today American markets are open and trading higher . I expect the sensex and nifty to open postive on 19/01/2011 and in later part of day some profit booking may come in . So one should be cautious at this time and wait for 3-4 days before making next investment
Cheers
Lalit kumar
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