8 May 2012

NIFTY OUTLOOK FOR TOMORROW


MARKET TREND FOR 9 MAY  2012

The volatile movement was noticed in the market today. Nifty started above 5100 but it tumbled below 5000 in the end. At APRIL policy review RBI slashed rates by sharper than expected half a percentage point, but stated  limited scope for more cuts.
Tomorrow we need to monitor that nifty manages to cross 5100 . Once this range is taken out next range to monitor will be 5130-5160. Going beyond this convincingly we expect it to test the range 5175-5200.
If there were to be any weakness, which would surface Nifty stays below 5000-mark again during the day for any significant time period, we need to watch for the levels between 4980 and 4950 with the first 10 points below the 4980 mark offering maximum support. Below that 4940, 4925 and 4880 are levels to provide some support to the index.                  
NIFTY  LEVELS FOR TOMORROW
RESISTANCE1
5080
SUPPORT1
4980
RESISTANCE2

5150
SUPPORT2
     4920
RESISTANCE3
5260
SUPPORT3
 4860


No comments:

Post a Comment