4 June 2012

NIFTY OUTLOOK FOR TOMORROW


As we have indicated in previous post market took support at 4800.
Investors awaiting divine intervention as they saw their wealth erode all through the month of May finally had something to cheer for ,a positive news of monsoon helped index to reach the level of 4850 today..    
The  Nifty was down 82.65 points  to 4,848, its lowest closing level since 23 May 2012. The index hit a high of 4855 and a low of 4780.
 For intraday traders or even position traders such scenario could be very damaging since it would trigger whole host of stop-losses and a chain reaction in prices swinging wildly. Thus, the first thing is to trade light and
As we have noticed that after opening lower index gained pace to end in green so we could say that index will find support near 4850.If  the Nifty stays below 4800-bear pressure would be quite high and minor rallies would be used by them to press short-sells be very watchful.

You can also check for option

Resistance 1
4860
Support 1
4810
Resistance 2

4890
Support 2
4770
Resistance 3
4940
Support 3
4720

No comments:

Post a Comment