29 May 2012

NIFTY OUTLOOK FOR TOMORROW


MARKET TREND FOR 29 MAY  2012
Nifty eked out small gains in choppy trade as traders roll ed over positions in the future option segment from MAY 2012series to JUNE 2012 series .Nifty settled below the psychological 5000 mark having alternately moved above and below that mark in intraday trade
 Nifty rose 4.45 points to settle at 4,990.10, its highest closing level since 8 May 2012. The index hit a high of 5,020.15 and a low of 4,982.15 in intraday trade.
Technically, there are indications to suggest that the current upswing is likely to continue even further beyond the 5000-mark.

 In case of any profit booking, so long as the Nifty does not fall below 4990 the bulls would not have much of a problem though pushing the index beyond the 5020-level may become bit more difficult and delayed. Even if the bears manage to push it below the 4941-mark unless 4927-level support gives in through high volume based selling bulls can always stage a bounce back.
. On the way up, beyond the coveted 5000-mark, 5016 and 5034 are the two levels to watch out for. We, at least, do not expect the market to cross these Nifty levels so soon and so easily in the absence of hard economic policy decisions being taken by the government. Moreover, there could be some hiccups in store around the time when GDP estimates and more clarity on monsoon forecasts are provided.
NIFTY strangle strategy given on 17 may 2012  has  made a high of 108 TG is 120 continue tohold……http://niftytipsniftylevels.blogspot.in/2012/05/nifty-strangle-strategy.html



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NIFTY  LEVELS FOR TOMORROW
RESISTANCE1
5015
SUPPORT1
4970
RESISTANCE2

5035
SUPPORT2
     4940
RES ISTANCE3
5075
SUPPORT3
 4910

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