Nifty has been getting weak by each passing day and for the first time after nine weeks Nifty ended with weekly loss.
With the Goldman Sachs problem we expect that ghost of subprime problem is looming large again.
Today due to international factor Nifty is expected to open very weak and may breach many important support levels.
Later on it may give some respite and may take support near 50 DEMA placed at 5170.
Other intermediate support levels like 5230 and 5200 may also play important supports for Nifty.
If get chance buy in front-line stocks in the range of 5200-5170 with SL of Nifty spot at 5141 from where we expect a sudden free-fall in all equity shares with no support till 5060 level.
In case Nifty breaches 5141 we can see 5060 easily.
Close below 5060 in Nifty may drag it further to 4900 level.
We advocate buying in frontline stocks on fall with the mentioned SL.
Buying in sensitive banking stocks must be avoided now and other old economy stocks must be preferred.
| Important Nifty Levels for 19th April | ||
|---|---|---|
Nifty Pivot | 5265 | |
| Support | ||
| 5230 | 5200 | 5170 |
| Resistance | ||
| 5300 | 5328 | 5349 |
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