Rajesh V says: Watch out for global cues, the trend by FIIs will be the deciding factor

Commentary

oi-Shoaib MD

By Rajesh V

Published: Friday, August 5, 2011, 9:06 [IST]

The trends of the equity markets will be set by the FIIs; this will make it necessary that global cues and sentiments are closely tracked since they shall only determine the flow of the movement. SGX is trading more than 100 points on the negative side.

Risky Traders can write 5000 put when nifty trades near 5100 levels; (premium should be more than 100 points). With this in mind the market expectation will be that – nifty will find support at 4900 -5000 range.

Nifty Future: Weekly levels

Supports – 5300 / 5215 / 5160 / 5130 / 5075
Resistances - 5380 / 5415

Bank Nifty Future: Weekly levels

Supports – 10440 / 10360 / 10250
Resistances – 10650 / 10720

Rajesh V. Ravanappan is a practitioner of technical analysis. He has eight years of experience in the share broking industry. He is a contributing writer for www.goodreturns.in. You can contact him at rajeshvravanappan (at) gmail (dot) com

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