WEEKLY MARKET UPDATE AS ON MONDAY 5 th NOVEMBER 2012

NIFTY SPOT - (5698)

In our last weekly update we had suggested that the NIFTY can fall down to 5617 by tuesday, where buying can attempted for a rise of 144 / 233 points. We had also suggested to be cautious in view of the RBI policy and review your postion after the RBI credit policy. Accordingly, Last week NIFTY made a low of 5583 (after RBI policy) on wednesday and then jumped up to 5711 and finally closed the week @ 5698. In the current week NIFTY has support @ 5660 - 5647 - 5632 while resistance can be expected at 5752 - 5785 - 5871.  A weekly close above 5705 would be bullish and can take the NIFTY toits next target of 5871 by 15th November. In the current week NIFTY has strong support level of 5660. As long as the NIFTY maintains above this it  can slowly hit a target of 5900+. In case the NIFTY breaks decisively below 5660 the next support level  will be 5632 and after that 5575. In such a scenario the NIFTY can remain in a small sell mode upto 10th November,  with lower tragets of 5575 / 5550.In such a case falls upto 5550 can used to go long with a stop loss of 5530 on a closing basis.