Benchmarks were witnessing a fluid session with negative bias Monday beforehand of public holiday tomorrow and January series termination and
Intervening term choices of the day
Rather a few exponent heavy weights will be announcing their Q3FY10 solutions today. A truncated trading week and the expiry of the derivative takes for the January series will pave way for some volatility. Monetary policy announcement by the RBI on January 29 will be another key trigger to watch out during the week.
Nifty continued to trade below the 50 DMA placed at 5118. The index closed at the support line of a rising stick being formed on the weekly charts. Last week we broke down over a similar pattern on the daily charts which is a fractal of the rising wedge. A close below 5000 level in the coming week might touch off further failing in the market and the index is expected to test 4900 level. The universal trend in the market has become bearish which would negate only on close above 5225, said Edelweiss report.
National Stock Exchange s Nifty was at 4996.25, down 39.75 points or 0.79 per cent. The index reached an intraday low of 4983.05 and high of 5034.70.
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