Market Outlook for 17-07-2009

• For Nifty, strong support is at 4265 spot while it has resistance at 4475 spot.

• Bulls should hold their positions with stop loss of 4235 spot in Nifty.

• During the week, selling pressure may start in the 2nd half of the week where bulls may find hard to continue the upward momentum.

• During the week, Nifty witnessed huge buying interest and Nifty jumped 9.19% for the week and Sensex rose 9.27%.

• On Monday, market witnessed selling pressure on the back of negative global clues.

• On Tuesday, market saw huge buying but volumes were stable giving no indication of healthy uptrend. However, bears started to feel heat at the end of the day.

• On Wednesday, market continued its northward journey and bulls tightened their grip in trading activities. And this time, volumes were also up which made bears run for short covering in the process which eventually pushed up the market further.

• On Thursday too, market were positive but were not able to sustain at higher levels.

• Volumes have remained stable over last 3 to 4 weeks.

• During the week, the Real-estate index led the gainers list with a jump of 17.62% while the Bank Nifty zoomed 11.51% for the week. The FMCG index was the least gainer with a gain of 4.80% for the day. The auto index rose 11.01% while the CNX IT index added 10.20% for the week.

• Market breadth has improved vastly on the back of improved & positive market sentiments.

• 4475 spot will act as a resistance for Nifty to move ahead.

• In the major global equity markets, the Indian market topped the gainers list with a jumpe of 9.19% duringthe week. Japan’s Nikkie index was the least gainer with a gain of 1.24% for the week.