19 May 2012

NIFTY OUTLOOK FOR TOMORROW


MARKET TREND FOR 21 MAY  2012
Index opened below 4800 today, recovered soon from here even crossed 4900 in intraday trade but could not sustained here. SBI result helped index to recover but this recovery was not for long.
Both bulls and bears have no hope on the direction, closing above 4933 and sustaining above 4950 would bring green to the market and a close below 4837 will lead to further down ward movement.
On Monday we need to watch resistance near the level of 4890 through the level of 4860.  We state that nifty level range 4900-4925  would be acid test for index above 4900.
Below 4800  the level 4775 would give some support . Once this is broken key support zone between 4750-4767 would be tested. If  we see some thing like this then bear attack is most probable.
    NIFTY  LEVELS FOR TOMORROW
RESISTANCE1
4930
SUPPORT1
4820
RESISTANCE2

4970
SUPPORT2
     4750
RES ISTANCE3
5050
SUPPORT3
 4700

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