Fitch Ratings yesterday scaled up the outlook on India’s sovereign ratings from negative to stable, owing to the government’s efforts to contain the fiscal deficit and address structural issues to perk up investment and growth. Fitch’s move may boost investor confidence in India, something evident from the fact that following the rating agency’s announcement, the rupee ended the day with a 61 paise gain.
Nifty opened negative, oscillated within a narrow range of 50, with the high around 5793 and the lows at 5738, but closing in between at 5760.20, a loss of 28.60 points. Nifty was unable to move above the Bull level of 200SMA on intra basis also. The broader market was bad, with just 510 advances to 794 declines. Option Table resistance building up around 5800 with addition of 19.37 lacs for the day.
eod chart showing that closed at 61 % fib retracement level 78.5 level is at 5627 and 50 % resistance is at 5845.
Huge gap down opening is expected …we will watch and let u know if gap filling possibility or range trade will be there or fresh short build up at 5730 level will create panic in traders and liquidation of long positions will take market to 5628 level…
trade in nifty futures as per these levels ….
Buy at / above: 5721 Targets: 5735 – 5754 – 5773 – 5792-5819
Stoploss : 5697
Sell at / below: 5697 Targets: 5682 – 5665 – 5646 – 5627
Stoploss : 5721
NIFTY OUTLOOK AND TRADING LEVELS FOR 13 JUNE 2013
