14 May 2012

NIFTY OUTLOOK FOR TOMORROW


The index opened near 4934 dropped below 4900 today, lastly regained some strength and finally managed to close above 4900.the high and low were 4954 and 4885 respectively.
The   big fall expected further is not expected but the signs of weakness are still prevelant. For tomorrow the level of 4955 is to be keenly monitored ,if index remained below this then next level to be watched is 4900 . Once this is broken with good volume based selling nifty would head for 4890-4875.
If  event of any recovery attempt is seen index need to absorb supply between 4960-4980 ,if this not taken out decisively we need not see desired upswing.
NIFTY LEVELS FOR TOMOROW
RESISTANCE1
4940
SUPPORT1
4870
RESISTANCE2
4980
SUPPORT2
4840
RESISTANCE3
5050
SUPPORT3
4800

No comments:

Post a Comment