Major stocks were down today with little higher volume than last two days but still very low trading week. Nifty seems to be heading towards 4640 range where it has previous support. 4750 is a major resistance level, it will take very big bull push to break this level to upside.
We have very strong support at 4640 region and if you have short, this would be one place to cover it.
So far in 2011 we have seen lower highs and lower lows which is a very clear indication of market has more supply than demand. Very interesting article to read on this topic - money outflowing from BRIC nations (Bloomberg).
Looking at the Nifty action of recent times, I believe that we will see 4450 region price in next couple of days or weeks and then we will be able to see markets next path..... (may be more shorting or range bound movement)....(I really didn't say to short really......)
SPX is also in the overbought area. Looks like we are heading towards the 1225 price range as well. But again this is a low trading week and we will get good idea about the markets situation next week onwards.
In general, not really expecting major movement in market and chances of market going down is higher than going up.
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