Hi friends,
Last weak the movements of the markets were no less then a night mare.A horror drama created with the help of the inflation numbers,crude oil and the Fiscal measures of the government.Crude oil seems to have changed its name to rude oil and is according to our technical analysis team is on the last wave of its multi year bull run.We expect a correction in the crude oil and going ahead expect it to top around 130-135$ for the coming quarters.Coming back to the markets.We are seeing a mayhem in the month of may in the markets.Going ahead 4930-4890 should be the sl for any longs in the market.Below that the next support is only at 4750 zone.One needs to be highly cautious going forward.One of the reasons for the sudden fall in Rpl,Reliance industry is the fall observed in the Singapore GRM .As per some unconfirmed reports the Grms has fallen on Friday to around 0.8$ per barrel.Kindly note that the reports are totally unconfirmed but the sudden fall of 5% in Ril and 8% in Rpl might verify the same.Going ahead the IIP numbers and the Inflation data will be the key factors in Indian markets.Similarly the week sees an unending news flow of data from USA beginning Tuesday.Tuesday - Ben Bernanke speaks on Fed liquidity measures, Retail sales for April.Wednesday-Weekly petroleum stocks and output data, Thursday - Weekly jobless claims, at the Labor Department, Friday - Consumer sentiment for May, Housing starts for April .
Weekly nifty supports 4910-4760
Resistance -5075-5121
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