US MARKET SOLD OFF DUE TO FISCAL CLIFF, USE THIS OPPORTUNITY FOR SELECTIVE BUY
MARKET today will open gap down due to weak global cues and try to recover in the second half. Today will be a one off panic day which will occur again and again in this type of uncertain market which lacks conviction a midst weak global news flow.
It will become volatile in the second half and face technical resistance at 5680, 5718 and support at 5630, 5600. NIFTY will play in the range till 2nd half trying to break-out. Any close above 5700 with volume may see NIFTY testing earlier highs of 5740/5780 levels. The best strategy is to adopt HIT and RUN trading strategy advised in our weekend post posted at the site.
The following are the cues to help you in trade today.
• US & European markets closed negative.
• Asian markets opened positive.
• SGX nifty is down 47 points at 8 am.
• Dollar index is at 81.10.
• Gold is at $1726 and crude at $86.26.
• London future is down 59 points at 8 am.
• Dow future is up 12 points at 8 am.
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