NIFTY TREND FOR 16-07-2012
Major Resistance Levels : 5266-5299-5319
Major Support Levels : 5198-5176-5146
Nifty has just touched middle band of the Bollinger band. It may get a resistance here. If it breaks this level, it may move towards lower band. RSI charts reveals that nifty has escaped from oversold status. Anyway, nifty may close in green on Monday.
Nifty ( Closing ) : 5227.25
Though nifty closed on a flat note, it could make a trade range of 50 points. It happened after a long break. It is doubtful that nifty is about to take a direction.
Indian Rupees could gain strength against dollar. It closed at 55.15. But, market couldn't make the most of the opportunity.
Indian markets wait eagerly for quarter results and rate policy by RBI. These events can drive the markets at least for a short term.
GOOD LUCK........
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