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.
|
Resistance 1
|
5010
|
Support 1
|
4930
|
|
Resistance
2
|
5070
|
Support 2
|
4900
|
|
Resistance
3
|
5160
|
Support 3
|
4875
|
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