Genie feels the selling pressure is seen, as the market ended slightly negative and the bulls failed to take support at the important level 4650 which was the previous highs. [17/06/2008] ref the attached image.The volumes were lower as compared to the previous session. The market breadth was negative as the BSE & NSE combined advance decline ratio was 1376 : 2618. These indicates selling pressure. Technology and Banking stocks witnessed selling.
Next week market is likely to take direction if Nifty breaks the important levels 4680 on the upper hand which will take Nifty to 4750 and 4790 and a Support is likely at 4575 on declines. Key support for the bulls will be 4620. but the level is being broken and closed near the support at 4575.
Traders need to watch the activity beyond these threshold levels.
as one should not forget the rally of 80% change in the index from the recent lows of 2573 on March 9,2009.If Nifty breaks 4550 then it would drag the market to 4444 and 4380 levels before expiry.Genie feels the market is expected to have a minor correction before the budget. Investors are advised to be in cash levels to an extent of atleast 50 to 65% of their holdings ahead of the FnO expiry and budget and Genie expects a very volatile sessions ahead.