NIFTY TIPS FOR 11 JUN 2012

As we have predicted in our last post the market continued its upward momentum today.

Nifty rebounded quite smartly in late trade on Friday that helped them to close higher in all sessions of the week. The market saw highest ever weekly absolute gains in 2012, with the Nifty rising near about 5 %.

Meanwhile, nifty  rebounded from intraday low of 4,994.80, which ended up 18.70 points at 5,068.35.

Recovery in European markets and Indian rupee, and short covering helped the market to bounce back today.

 Market is closely watching big events

that will happen next week: Industrial output data for April on June 12, inflation for May on June 14 while globally the Greece election on June 17.

We need to watch out for 5070-level for the Nifty. However, as we said yesterday, level 5050 acted as support for the day .The range between 5050 and 5100 is still going to be a major roadblock for the bulls. It is unlikely to be cleared sustainably so easily, at least not on the first attempt.

. On the way up, if the index manages to get past 5100  then strength returns to the large caps again.

You can also check for option

Resistance 1	5090	Support 1	5010
Resistance 2	5120	Support 2	4960
Resistance 3	5200	Support 3	4865