NIFTY OUTLOOK FOR 2 JULY

The market opened on a firm note NIFTY  continued to trade higher with more  gains following global rally after European leaders, at EU summit on first day, moved to bring down soaring borrowing costs in Italy and Spain, helping ease fears over the region's debt crisis . Nifty  opened at 5191 rose 123 points to 5272 at the end of day

.

The highest point it touched was 5280 and 5198 was the lowest The Indian rupee appreciated by 87 paise to 55.93 against the US dollar.

`The Nifty is likely to open flat on the back of mixed global cues. It is likely to trade above 5250 . The level of 5270 is to be monitored closely for the index—if it were to breached and sustained then expect strong upswing during the day. We expect the market to continue with a positive bias and it could accentuate in the current session. A strong bullish phase might well be shaping up.If there were to be any profit booking, we need to see if the Nifty falls below 5141 – 5136 range for unless it breaks down below this range there would not be any significant weakness in the market

You can also check for option

Resistance 1	5290	Support 1	5230
Resistance 2	5330	Support 2	5200
Resistance 3	5370	Support 3	5170

  

You can also check for option

Resistance 1	5290	Support 1	5230
Resistance 2	5330	Support 2	5200
Resistance 3	5370	Support 3	5170