7 February 2013

NIFTY OUTLOOK FOR TOMORROW

Nifty was down 17 points  to end at 5,941, as per provisional figures. The index hit low of 5,927  in intraday trade, its lowest level since 31 December 2012. The index hit a high of 5,978 in intraday trade. While the index closed in the green after four consecutive sessions, it still shows considerable weakness. However, if it were to fall below 5930-mark on good volume, it can show considerable weakness leading to further fall and eventually hitting the next major support zone between 5850 and 5830....
On the way up, again the range between 5970 and 5990 would be the first significant supply zone that the bulls need to take out before they take out the 6000-mark. However, we would get some real confidence only if the index closes comfortably above the 6010– 6020 range.  
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RESISTANCE:6000 6030, 6080
SUPPORT      5990, 5950, 5920

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