NIFTY OUTLOOK FOR TOMORROW

MARKET TREND FOR 11 MAY  2012

Nifty  touched the psychological level of 5000 in morning session for some duration.  It made a high of 5038 in early trade but again the index dropped below 5000 soon and lastly ended below it.

If any recovery happens then the range 5030-5050 would be the first range to monitor. If this range is taken out successfully then next upswing is to be tested near 5075. Crossing the range 5080 successfully would indicate real strength to move up further.

In the way of downward rally index would find first support near  4975. If index fails to defend this level then there would be a serious problem for the bulls. In that case we expect the next supportive range 4940-4970. We believe that we would not see  the  support level of  4850 to be broken.

NIFTY  LEVELS FOR TOMORROW

RESISTANCE1	5020	SUPPORT1	4950
RESISTANCE2	5070	SUPPORT2	4915
RESISTANCE3	5140	SUPPORT3	4870