Markets are " Supreme ", Respect the screen in front of you

Nifty takes support from around 50 dma and rise sharply to almost touch a new intermediate high. After witnessing Friday's day of trade I think Markets can be so unpredictable and so volatile sometimes, but nevertheless that is why Markets are " Supreme " and we should always respect the screen

Nifty View:

The next obvious resistance comes at 5075-5080 and 4940-4930 will act as a very good support and buying will emerge at these levels. There's something special about 4900-4940 levels that markets always takes support at these levels. During September and October, how hard bears tried but 4900-4940 was never broken except at the end of the October when it was actually broken.



DowJones View: Rising wedge pattern is seen in DowJones. If 10500-10600 is not broken on the upside this week then expect 10000 on DowJones anytime soon and that will result 3-5% correction in global equity markets ( though BRIC nations could be an exception and may be they dont fall much as expected ).




Stock View: Unitech

The stock has bounced from a good support level around of 77-78 on Friday, and if lower trendline holds it can see a pull back upto 85 odd levels




Have a nice trading day !

Regards

Ankit