Nifty ( Closing ) : 5359.55
NIFTY TREND FOR 13/03/2012
Major Resistance Levels : 5422-5474-5517.
Major Support Levels : 5309-5266-5214.
Short / Middle Term Target : 4950-5010.
Nifty increased around half percent and closed at 5359.55. Bank shares fueled the rally today , since RBI cut .75% CRR rate. Besides Index of Industrial Production ( IIP ) marked 4% growth. Manufacturing and electricity based production played major role in IIP growth.
Though RBI cut CRR by .75% , banks have not expressed their willing to reform interest rates. Hence, no other sector can take any benefit from this CRR cutting . Otherwise, RBI or government should instruct the banks to do so in the context where 'upcoming RBI monetary policy' is about to issue on Thursday .
Over and above , there is very less chance to cut CRR rate again in the review which to be held on Thursday . Everybody is waiting for budget eagerly .
Our intraday tip today was to sell nifty futures at 5388. It achieved first target at 5366 and showed low at 5345.30.
Market is still bearish. So, please avoid long ( buying ) positions tomorrow .
GOOD LUCK.....
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