30 May 2012

NIFTY OUTLOOK FOR TOMORROW


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.
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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