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
|
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