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Market today will be choppy with eye on Brussels

posted by ASHOKSHARMA on Tuesday, February 21st, 2012

Euro zone finance ministers are meeting currently at Brussels to figure out the 2nd bailout package to Greece which will save it from default in March. But the million dollar question is will Greece stick to its strict tightening measure amidst protest on street. Any disorderly outcome on Greece will be painful for the Global economy. So keep your finger crossed.

Back home FIIs’ are on buying spree invested 25000 crore in 2012 lifting the Nifty by 1000 points. But with rupee after consolidating at 49 showing signs of negative move. We will good news on inflation front with food production at highest level. The most important of all UP election results will affect this Government’s action. Any slippage on Governance front will affect growth of economy as a whole. But the silver lining is that midcaps are on a roll. Rest is self explanatory.

US Markets ended flat. Europe ended positive. Asian markets have opened directionless. Expect Indian Markets to open flat to negative. Technically, 5600-5640 will remain crucial hurdle and is likely to attract some profit booking. Breach of 5640 by

NIFTY will trigger fresh buying and heavy short covering. Consolidation above 5600 mark should be noted as a positive development for near term market outlook. Key support for the today remains at 5580/5550 levels with next support still lower at 5500 levels. Hurdle is seen around same range of 5640-5680 on higher side. Breach above or below above mentioned range may provide fresh breakout. As we advised earlier do not waste your energy in predicting the market rather zeroed in on small and midcaps as fortune can be made in times like this when most of the market participants are in indecisive mood.

NIFTY RANGE 5550-5650
BUY ROHIT FERRO CMP 41 STOP 39.80 TARGET 44

Ashok Sharma

posted by ASHOKSHARMA on Tuesday, February 21st, 2012

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