In the last few trading sessions I have been constantly informing my clients, that the Nifty will touch 4200 and the close below that will take Nifty to 4050 levels. Yesterday Nifty closed at 4191 and today we saw Nifty slipping down till 4093 levels. Sensex closed at 14223 after making a new low of 13736. In the early session Nifty bounced back smartly and closed above 4250. Till the time Nifty is above 4200 and Sensex above 14000, there is some hope of a slight recovery. Nifty and Sensex are in the over sold zone. Still there is lot to be seen before the Nifty and the Sensex close above the resistacne levels. Dont be in a hurry for the bottom fishing. WAIT AND WATCH.Nifty will face a stiff resistance at 4440 levels. It will not be so easy to cross the level. As mentioned in my earlier blogs that the RBI will definately increase the Repo rate or the CRR. Repo rate and the CRR have been increased by HALF a point each to control the inflation. By doing this the RBI have laid more bumpy roads for the Individual investor, corporates, stock market investors, Reality developers. Demand for the real estate is just going down. This will definately have a negative impact on the sector. More worst scenario to be seen by the developers.
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