5 May 2012

NIFTY OUTLOOK FOR TOMORROW


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

1 comment: