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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