Equity Markets Overview and Forecast for the Week (18th – 22nd April ’11)

Last week markets did not have so much to boast of as we had only 3 trading sessions. Nifty fut could not cross the important resistance level of 6000 mark and corrected the handsome gains of Wednesday on Friday. Nifty fut has importance resistance levels of 5975 and 6000 on the upside. If it manages to cross 6000 levels it may try to touch the new high levels again. 5745 is important support resistance levels on the down side which once broken market will have a short term selling pressure and the trend of the market might turn bearish for some time. We recommend you to stay neutral within the range of 5745-6000 and before market breaks the resistance level of 5745 one should look for buying opportunities and should look for short positions only below the level of 5745.