MARKET TREND FOR 9 MAY 2012
The volatile movement was noticed in
the market today. Nifty started above 5100 but it tumbled below 5000 in the
end. At APRIL policy review RBI slashed rates by sharper than expected half a percentage
point, but stated limited scope for more
cuts.
Tomorrow we need to monitor that
nifty manages to cross 5100 . Once this range is taken out next range to
monitor will be 5130-5160. Going beyond this convincingly we expect it to test
the range 5175-5200.
If there were to be
any weakness, which would surface Nifty stays below 5000-mark again during the
day for any significant time period, we need to watch for the levels between 4980
and 4950 with the first 10 points below the 4980 mark offering maximum support.
Below that 4940, 4925 and 4880 are levels to provide some support to the index.
NIFTY LEVELS FOR TOMORROW
|
RESISTANCE1
|
5080
|
SUPPORT1
|
4980
|
|
RESISTANCE2
|
5150
|
SUPPORT2
|
4920
|
|
RESISTANCE3
|
5260
|
SUPPORT3
|
4860
|
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