MARKET TREND FOR 7 MAY 2012
Index tumbled on the last trading session
of the week, it began at 5186 but could not maintain at this level also and
dropped nearly by 80 points to end at 5086.
We expect a downward movement of the
index, nifty may trade below 5100 on Monday
this is a possibility not a certainity.
We have noticed the weakness in the
market, it retreated back from the level of 5250. The level 5220-5250 proved
too much for the bulls, index will find
critical resistance near 5180-5220. If index falls below this level and does not
reclaim soon then bulls would be in real trouble.
As index ended below 5086 this shows
signs of weakness ,it would further slide down below the level of 5000. The
range 4900-4950 would provide a support to the index.
NIFTY LEVELS FOR TOMORROW
RESISTANCE1
|
5135
|
SUPPORT1
|
5060
|
RESISTANCE2
|
5180
|
SUPPORT2
|
5030
|
RE SISTANCE3
|
5220
|
SUPPORT3
|
4950
|
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