Markets opened up week, as the Nifty closed below the support levels of 4050 levels. Indices remained in the -ve zone in the range of 150-250 points in Sensex. Selling in the frontline stocks kept the Indices in the -ve territory. Markets tried to bounce back, but could not succeed in the end. Nifty closed down at 3974 down by 55 points or 0.77%, after making an intraday low of 3918. Sensex made an intraday low of 13219 before settling at 13400.32 down by 103.9 points or 0.77%.
The pattern that has been made in the Nifty chart indicates that tomorrow the markets may bounce back. A small ‘Hammer’ pattern has been made. But still the Nifty will face resistance upside. Traders should not take long positions.
FII’s remained Net sellers for the week ended 09th July 2009 for stocks worth Rs.4680 Cr. DII’s remained Net Buyers for Rs.3700 Cr.