morning thoughts..

We are now into a fresh series of february after a good rise in january series.
Technically the markets looks tired and exhausted at higher levels though no strength of weakness is seen but profit booking can emerge at higher levels which can take the markets to lower levels.
However in the event of any profit booking led sell-off in the market, if the Nifty does not close below the level of 5123 then the bulls may not allow the correction to be any deeper. Just as the range between 5167 and 5161 is the first support area, the levels between 5130 and 5123 would be a very strong support zone. Till such time a decisive fall below 5123, do not expect the price swing to take it further down—the correction could be a sideways one as well.
If the Nifty starts moving up again and crosses the first supply zone above 5200-mark between 5205 and 5217 then it would encounter another big hurdle at 5245. Consider the 200-day SMA has been successfully breached on the upside only when this level of 5245 is conquered as well by the bulls.
On the commodities front base metals , energy , bullion all are in over bought zones and copper , nickel , silver , gold , copper ,menthe oil could see initial weakness which can further increase , however silver is in an uptrend and could attract buying at lower levels.
Natural gas after seeing loads of weakness in the short term have bottomed out for the near term and is likely to inch towards 145 levels.
The supports for the nifty is at 5125 levels and resistance at 5225 levels.
The supports for the sensex is at 16700 levels and resistance at 17300 levels.


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