NIFTY TREND FOR 31-07-2012
Major Resistance Levels : 5233-5262-5311
Major Support Levels : 5145-5093-5065
Nifty closed just below the Bollinger middle band level, 5230. MACD shows still bearish sign. RSI indicates neutral level ( neither oversold nor over bought ). Nifty may get good resistance at 5230-5233 level and there is very less chance for closing above this level tomorrow.
Nifty ( Closing ) : 5199.80
Indian markets could gain very well today. Nifty gained 100 points on the expectations regarding the rate cuts by RBI tomorrow. But, we have to wait till the declaration. Inflation rate is high in India now. In this context, it is doubtful that RBI will be able to implement rate cuts.
Global markets also could influence on Indian markets positively. World economies are waiting with an optimistic view regarding the rate cuts and declaration of monetary policy by European Central Bank on Thursday.
GOOD LUCK........
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