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.
Resistance 1
|
4890
|
Support 1
|
4840
|
Resistance
2
|
4910
|
Support 2
|
4820
|
Resistance
3
|
4970
|
Support 3
|
4740
|
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