Nifty ( Closing ) : 5385.20
NIFTY TREND FOR 01/03/2012
Major Resistance Levels : 5458-5518-5565.
Major Support Levels : 5327-5280-5220.
Short / Middle Term Target : 4950-5010.
Nifty opened at 5424.95 and increased up to 5458.80 in the morning . Our second resistance level was 5455 and nifty lost strength from there and finally closed at 5385.20 with a mild increase at 0.18%.
Indian economy showed a negative growth at 6.1% in third quarter. It was 6.9% in last quarter and it made market depressed. It has some significance in the context in which Indian Finance Minister , Mr. Pranab Mukherjee expressed his worries about hikes in oil prices. So, it may influence on next budget . If the government try to implement firm and bitter policies against corporate bodies , it will evoke uncertainty in business world. Besides , everybody waits for U.P. election results .
Nonetheless, FIIs continue their funding towards Indian capital market. They invested around 580 Cr today .
Our intraday tip was to sell nifty futures below 5492. It achieved our third target at 5408 ( profit : 84 points ) today .
Market is bearish . So, please avoid long term positions tomorrow .
GOOD LUCK.....
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