6 June 2012

NIFTY OUTLOOK FOR TOMORROW


MARKET TREND FOR 7 JUNE  2012
The NIFTY  staged excellent performance on Wednesday, rising over 2.7% on hopes of rate cut by the RBI. Even positive global mood and prime minister's meeting with key ministries today evening helped markets stay higher.
The NSE benchmark closed at one-month high. The index hit an intraday high of 5,010, before closing up  at  4,997.
Right now, a couple of things are holding in for the markets. You had rains coming in. Then, we have had very high expectations of a rate cut from the RBI.
The Nifty is likely to open positive on the back of positive global cues. It is likely to trade in the range of 4920-4950. The trading strategy would be to create long positions if the Nifty takes support at around 4975 level for target of 5025. On the other hand, one can also create short positions if it resists at around 4,900 levels.
You can also check for option
Resistance 1
5010
Support 1
4930
Resistance 2

5070
Support 2
4900
Resistance 3
5160
Support 3
4875






5 comments:

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