The way ahead is very rough.Even though last quarter GDP rate was better than expected,the running quarter is facing a lot of issues.Of those most important one is agricultural problems.This will decrease our growth rate.So be cautious of the situation.
Last week even though nifty was able to trade at 5181, due to the profit taking at double top (5181) nifty closed at 5109.Now nifty is said to be bullish if it is able to trade above 5181 on monday.Then the first resistance is 5250.Above which(on a closing basis) nifty may go up to 5400.Nifty will get support at 5100.Below the support levels are 4850 and 4780.Sensex will get support at 16680,16550,16280 and 16000 levels.It will face resistance at 17470.
Important global events to watch-Ben Bernanke speech on Dec 7,Jobless claims Dec 10.
