28 May 2012

NIFTY OUTLOOK FOR TOMORROW


MARKET TREND FOR 29 MAY  2012
The market edged higher in early trade. The market trimmed gains after hitting fresh intraday high in morning trade. The market extended gains to hit fresh intraday highs in mid-morning trade. The uptrend continued as key benchmark indices hit fresh intraday highs in early afternoon trade. The 50-unit S&P CNX Nifty pared gains after hitting its highest level in nearly 2-1/2 weeks in afternoon trade. The Sensex trimmed gains after hitting two-week high. The market regained strength in mid-afternoon strength. The market extended gains in late trade.
The market remained volatile this week as traders roll over positions from the near month MAY 2012 series to JUNE 2012 series.
Coming back to the Nifty, we find that the key level to watch out for on the upside would be the 4995.Itself while on the way down—if strength is to be maintained—the index should not fall below 4905 and 4898 range, this being the key support area.

If the Nifty manages to get past 4995-level successfully then it would try and test the supply around 5010 . Beyond that 4985 – 4991 would be the last hurdle before it tests the 5030-mark .It would indicate that the upward pullback is alive and kicking if any close above 5050 is witnessed.
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NIFTY  LEVELS FOR TOMORROW
RESISTANCE1
5010
SUPPORT1
4960
RESISTANCE2

5030
SUPPORT2
     4930
RES ISTANCE3
5080
SUPPORT3
 4880

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