Intraday Outlook 18th Apr 12

As I mentioned in my morning update if Rate Cut happens then Nifty can hit 5300-5320. Nifty done the same. 1st made high 5213 and then made till 5238 and again recovered from day's Low to Day's High 5234

niftyarena (4/17/2012 9:53:41 AM): We don't expect any rate cut by RBI, already rate are reduced. Inflation is going as on normal (6.5%-7%) that no worry as well Budget Fever is over. so no need to cut rates. Only CNBC keep telecasting from yesterday that Rate Cuts are likly and same channel today showing today No Rate Cut.
CNBC is big manipulator of market sentiment as well market operator. Don't follow this channel with blind faith.
 I m expecting that very soon market is going to breach its lower Support zone 5176-55 Spot and soon we will see 5000 or below level again.
And if rates are cut then possible chances to see 5300-5320 but important to break 5316 spot for further up move.

niftyarena (4/17/2012 9:21:41 AM): Sell Nifty till rising 5238-45 with SL Spot 5258

niftyarena (4/17/2012 9:51:27 AM): Nifty made low 5224 from 5238

niftyarena (4/17/2012 10:16:56 AM):Exit Nifty with 4-5 pts gain. Wait  for RBI meet then new call will be post CMP 5231

Market is finding direction... more important to watch out Europe market opening @ 12:30 then we get some clear direction