5 June 2012

NIFTY OUTLOOK FOR TOMORROW


MARKET TREND FOR 6 JUNE  2012
The  Nifty closed flat on Tuesday amid ongoing worries over eurozone and volatility in rupee. L&T, Reliance and SBI helped the market while the fall in ITC, Bharti and Tata Motors capped the upside.
The news of strong growth in services sector and monsoon fully covered southern state of Kerala helped markets.
The market edged higher in early trade. It regained strength to hit intraday high in morning session but lost all gains eventually.
 The major market-moving event in the short term is the Greece election.

The index will be range bound between  4,900-4,950. Shorting around the 4,900 mark could pay off dividends because weekly charts are still on the negative side. A downtrend might resume once this consolidation is over in the next few days. 

You can also check for option
Resistance 1
4890
Support 1
4840
Resistance 2

4910
Support 2
4820
Resistance 3
4970
Support 3
4740

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