Market Outlook:

Thursday, July 29, 2010

Nifty had broken 5400 spot yesterday but today it was able to close above the psychological barrier of 5400 spot. On the other hand, Sensex is not able to sustain 18000-18200 levels as mentioned in earlier reports. We continue to reiterate our previous opinions of shorting the main market index – Nifty on each rise since the upside looks limited. It is to be noted that one-two bounce from 5400 spot is likely to come.

We repeat the following as earlier:

It is to be noted that liquidity on the buying side has lessened in last few days while selling side interests have started to appear in the market at slow pace.

In the coming days, market is likely to see further downside from current levels of 5400 spot in Nifty. Traders can short on each rise in such market. Still, we are not seeing any weakness in the market but there is also no strength in the buying side. Therefore, the battle may remain edgy with a slight bias for short-sellers.

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