Market Outlook (Short Term) 22 March 09
Last week sentiment has improved a bit. Nifty is hovering around 2800 and with some support from global cues it should easily reach 2900-2950 in the short term. On the downside Nifty should not break 2680 for the positive
sentiment to remain intact.
Immediate support for nifty is at 2680-2745 while resistance is around 2820-2835.
The bear market that started in January 2008 is likely to end around late August 2009 – early October 2009. Strong support is around Nifty 2525. If nifty breaks and closes below 2525 then it could be heading towards 2285, 1895 levels. Nifty 1600-1900 could be the bottom for this bear market. The estimates are based on the assumption that the world economic situation does not worsen substantially from hereon.
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