Daily Update: 12.08.2011
Markets were down today. Nifty futures closed at 5074(5137). Instead of better overhead clues with American Markets closing substantially higher yesterday, Nifty futures opened at 5175 made a high of 5181, went to make a low of 5052, finally closed at 5074. Inherent weakness in the market was witnessed once again. Nifty is not breaching the gap of 5191-5337 which it made on 05.08.2011. I reiterate my earlier view that Nifty will try to once again reach the recent low of 4951. Once it reaches there and stays in trading range for few days without making new low might change my thought process. If it breaches recent low of 4951 than it might go up to 4750-4850 level.
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