Nifty Outlook 30th Mar 2010

By each passing day Nifty is getting overbought but bulls are not in a mood to give up and start buying at any intermediate low made.

Now everywhere there is a cry of 5500 level for Nifty in the coming result season.

But we have a different opinion!

According to our expert panel market must see a sharp correctione very soon and it will kickstart as soon as result season opens.

All result will be much in line with market expectations and are already discounted in the prices.

All available indicators like RSI, MACD, Stochastics, MACD, Bollinger bands are pinting towards overbought Nifty.

A stronge wave of correction will set-in as punters will get slightest of hint and we would see falling knives all around.

But before that one must not forget to ride the bull train and be cautious at higher levels.

Best strategy is day trading and its better to avoid all leveraged positions (buying done on broker's margin money) at every cost.

Try to prtect your capital in such market than to lose it trying to earn profit.

Always remember "All's well that ends well".

Important Nifty Levels for  30th March
Nifty Pivot	5317
Support
5298	5265	5239
Resistance
5349	5374	5393