26 May 2012

NIFTY OUTLOOK FOR TOMORROW


MARKET TREND FOR 28 MAY  2012
Finally, a flat close after a very trying week for Indian equities. The barometer of the economy - stock markets, managed a pullback largely on account of the rupee recovering and global strength. NIFTY  touched an intraday low of 4,889.35, before managing to close above the 4,900 level.
Indian shares are still down 6.4 percent so far in May, as the Greek and the euro zone woes and fears about policy paralysis and fiscal challenges at home have hit markets and sent the rupee to a string of record lows against the dollar.
Foreign investors were net sellers of 3.87 billion rupees so far this month.
On the way up if  the Nifty trade above 4936 for any significant length of time more short covering is going  to be seen. All that is needed thereafter is the index decisively crossing and closing above the 4955-mark. If it were to do so, it would signal a reversal in the short term trend.
. On the downside, if the Nifty stays below 4883, then expect 4868 to give strong support before the support levels between 4853 and 4845 come into play.
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NIFTY  LEVELS FOR TOMORROW
RESISTANCE1
4930
SUPPORT1
4890
RESISTANCE2

4960
SUPPORT2
     4870
RES ISTANCE3
4990
SUPPORT3
 4830

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