Archive for January, 2011
Markets broke the 5690 barrier last week and closed at 5655, losing 4.23% over the week. After the initial bounce seen on two sessions, markets were unable to sustain on to the resistance level of 5834 and succumbed to bear pressure closing at levels close to september 2010 from where the strong bull rally started.
Last week bears took complete control and pushed markets to a low breaking 5900 levels momentarily to close the week at 5905, a 3.75% drop over the previous week’s close. The magnitude of the fall on friday is quite heavy as Nifty could not get support at 5934 levels and dropped below that.
Wishing all a very Happy and Prosperous New Year 2011 !!!