MARKET TREND FOR 31 MAY 2012
The market edged lower
in early trade on weak asian stocks.A
volatility was witnessed as index trimmed losses after hitting low in morning
session itself .T he intraday recovery gathered steam in early afternoon trade
. Nifty shut down its shop at 4950 finally.
The Indian market ended Wednesday' trade on a
pessimist note as traders chose to sit on the sidelines ahead of the F&O
expiry and Q4 GDP numbers slated for a release tomorrow.
This fresh weakness
in the rupee suggests more problems for the equity market especially after the
pullback taking the Nifty to above 5000-mark; we are, in all likelihood, in for
some profit taking and fresh selling in our equity market may be for the next
two sessions including today.
As it appears highly probable, the Nifty is likely to open near 4985-mark and might well try and test lower support at 4955 .Till such time the index falls and stays for an hour below the 4948-mark, there would be no major threat; however, any failure to rebound to levels of 4948 and above would signify good bit of selling can be expected. This would be more pronounced if the Nifty were to fall below 4935 and staying below it.
As it appears highly probable, the Nifty is likely to open near 4985-mark and might well try and test lower support at 4955 .Till such time the index falls and stays for an hour below the 4948-mark, there would be no major threat; however, any failure to rebound to levels of 4948 and above would signify good bit of selling can be expected. This would be more pronounced if the Nifty were to fall below 4935 and staying below it.
The supply between the 5000-mark and the 5020-mark would continue
to pose problems in the absence of positive fundamental development, either
domestic or foreign.
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NIFTY LEVELS FOR TOMORROW
|
RESISTANCE1
|
4960
|
SUPPORT1
|
4935
|
|
RESISTANCE2
|
4990
|
SUPPORT2
|
4925
|
|
RES ISTANCE3
|
5010
|
SUPPORT3
|
4905
|
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