NIFTY TREND FOR 07-05-2012
Major Resistance Levels : 5170-5236-5277
Major Support Levels : 5030-4986-4922
Nifty may open with a negative gap on Monday. But, there will be less chance to close with heavy loss in the closing. Most probably, a steady closing will happen on Monday.
Nifty ( Closing ) : 5086.85
Nifty showed a virtual blood bath today. It lost 102 points . Anyway, Nifty could get good support at second weekly resistance, 5068 range ( Ref : "NIFTY WEEKLY TREND"published last Sunday ). Besides, Nifty achieved our 'Short / Middle Term Target',5140-5150 ( Ref: NIFTY TODAY : EPISODE 96 & 97 ).
Depreciation of Indian Rupees was the major problem market faced today. Indian Rupees touched 53.84 against dollar. It makes the oil import costly. Consequently, industries may get depression and living cost will be increased. Moreover, it can increase the trade deficits in Indian economy.
Worries regarding Euro Zone debt crisis make negative impact on world markets. It fueled heavy fall in Indian markets.
Next, Europe is waiting for the election results from France & Greece. Obviously, European countries show interest to change their national leaders as well as governments, since they need positive and creative financial reforms. The people from the region never like to curb their benefits including treatment packages. But, it is doubtful about the practical possibilities for financial reforms without limiting the privileges.
GOOD LUCK.....
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