NIFTY OUTLOOK FOR TOMORROW

MARKET TREND FOR 23  MAY  2012

The market opened on firm note at the level of 4954,but could not maintained itself here for a long. In after noon it dropped down and finally ended at 4860.The  low it made today was  4853 . The index sustained at 4920 for a long but could not manage to cross it.

If nifty is found holding the level of 4935 ,it would mean bulls have retained  there initiative and  could further pull up the index while the range 4940-4970 would act as supply zone. Once the zone 4970 is taken out ,it would be very significant for bulls and prove that bulls have won the round.

In case of another round of profit booking lead sell off again ,we need to monitor 4883 then the level of 4850 on down side. Only if we see 4850 getting broken we should be watching for 4830-4800 as support area . As long as nifty closes below 4800 bulls would not loose their initiative.

   NIFTY  LEVELS FOR TOMORROW

RESISTANCE1	4950	SUPPORT1	4850
RESISTANCE2	4990	SUPPORT2	4820
RES ISTANCE3	5030	SUPPORT3	4760