Equity Alert: Nifty likely to touch January low of 4448.50 today

[K.Karthik Raja]

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Equity Alert: Nifty likely to touch January low of 4448.50 today
MUMBAI--9:48AM--Technical analysts expect Nifty to test the Jan 22
low of
4448.50 today.
"The drop in SGX Nifty is suggesting that we could open down
120-130 points,
and may even test the January lows in early trade," Suresh Kumar Iyer,
technical
analyst, Asit C. Mehta Investment Interrmediates, said.
He recommends investors stay on the sidelines, and believes that
as long as
Nifty does not test the January lows there are chances of a recovery.
"Market will touch January lows, the only question is that whether
it will
be in the first 60 minutes of trade or by tomorrow (Tuesday)," said
Gurudatta
Dhanokar, technical analyst, Almondz Global Securities.
He expects Nifty to touch 4520 at opening bell, and then find
support at
4475, cracking which it could fall to 4420.
"After 4420 is breached, a panic bottom will get pressed,"
Dhanokar said.
Below 4448.50, Nifty could drift to 4350, and then to 4200,
another
technical analyst with a domestic brokerage said.
Friday, Nifty ended at 4627.80, down 49.15 points or 1.05% from
Thursday's
close.
SGX CNX Nifty June contract was trading at 4464.00, down 150.00
points,
or 3.2% from Friday's close.
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