NIFTY OUTLOOK FOR TOMORROW

MARKET TREND FOR 24  MAY  2012

Today nifty has done fairly the narrow range of 4800-4850, it signals a sort of decline in the market. The index dropped due to country’s  fiscal and current account deficit . Index started at 4843 and ended on 4835.

For tomorrow we need to watch out for three key levels way up 4864 then 4890 finally 4900. The last range  4900-4920 would prove the crucial one if index sustain above it for some time then it would mean a serious recovery attempt by bulls to push the index upward . The level 4930,4950 would act as initial hurdles for the upward march.

Immediately below 4850 for nifty ,we expect support come in between 4840-4820. However large volume based selling at 4810 will lead index to breach below 4800. We expect weakness to continue as long as nifty trade below 4800

NIFTY  LEVELS FOR TOMORROW

RESISTANCE1	4860	SUPPORT1	4810
RESISTANCE2	4890	SUPPORT2	4790
RES ISTANCE3	4930	SUPPORT3	4740