NIFTY TREND FOR 01-08-2012
Major Resistance Levels : 5263-5293-5345
Major Support Levels : 5172-5117-5088
Nifty closed at Bollinger Middle Band level. If it lose strength here, Nifty will touch 5050 level ( Bollinger lower band ) and thus, W - bottom can be created. MACD still stays at bearish zone, when RSI indicates neutral status. Nifty will face very strong resistance at 5263 tomorrow. A steady or negative closing can be expected tomorrow.
Nifty ( Closing ) : 5229
Nifty opened with slightly gain in the morning. But, unchanged monetary policy pulled the market down. RBI cut only Statutory Liquidity Rate ( SLR ) by 1% to 23%. But, it was expected only. So, nifty started to gain by noon.
Global markets are waiting curiously for the US Fed Meeting. Anyway, US markets are slightly down now. It may be due to the uncertainty before the meeting. The similar scene could see in Indian markets too before the declaration of monetary policy. Besides, another significant event will be conducted on Thursday. European Central Bank ( ECB ) is about to conduct a meeting.
GOOD LUCK.......
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