Rajesh V: Gap down openings and international uncertainty a bane for traders

By: Rajesh V
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International uncertainty a bane for traders
With the announcement of the S&P's downgrade of US treasury and the information that other countries are also in line for a downgrade have resulted in uncertainty.

There is no clear direction in terms of policy from the governments. Combining all of these has in-fact, led to gap-down openings in our market. The level of 4800 is a 20% correction from high of 6000. Investors can utilize this level for long term investments.

Nifty Future:
Weekly levels:
Supports - 5070 / 4990 / 4940 / 4905 / 4855
Resistances – 5140 / 5190 / 5270

Bank Nifty Future:
Weekly levels:
Supports – 10170 / 9970 / 9840 / 9760
Resistances – 10400 / 10600

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

If you would also like to contribute or send us a feedback, then e-mail to money (at) oneindia (dot) co (dot) in

GoodReturns.in DISCLAIMER: The views expressed in this article are the views of the author and do not reflect the views of our company. GoodReturns.in does not take any responsibility for any losses incurred by investors who take their cues from the above article.

Story first published: Tuesday, August 9, 2011, 8:08 [IST]
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