As i expected Nifty turned back exact from 5181, Midcaps outperform Benchmark Indices

Nifty touched 5181 on 20th October 2009 ( just the next trading day after Diwali ) and next was today 3rd Dec 2009. Around 2:30 P.M, there was unexpected selling in the markets as a result Nifty fell 50 points in just 20-25 minutes. Such selling normally comes on the back of some bad breaking news flashing on TV channels, but today it felt like Technicals do work in Markets :P he he. As posted on the blog yesterday that Watch out for stock specific moves, Nifty rose only 0.16% as against CNX Midcap which rose 0.95%.

Nifty View:

If Nifty fails to close above 5181 within next 2-3 trading sessions, it can fall upto 5020-4980 ( 20 dma & 50 dma being so close to each other ). In a more severe case expect 4920-4900 too ( black trendline joining two recent lows ).



Stock View: Usha Martin

Usha Martin has a multi-month resistance at 77-80 odd levels. A big move is expected if closing or a sustained move above 80 odd levels is there which can take this stock to atleast 90-95 odd levels. An attempt was made today but the bid was foiled because the benchmark indices were witnessing a huge selling pressure during the second half of trading session



Have a nice trading day

Regards

Ankit ( 0-9899899989 )