NIFTY TREND FOR 02-08-2012
Major Resistance Levels : 5256-5272-5292
Major Support Levels : 5215-5192-5179.
Nifty closed just above the Bollinger middle band. In MACD, centre line crossover is above zero and hence, the trend shows upward. RSI charts explains a neural market.
Most probably, Nifty may make a strong one-sided move tomorrow. There is little more chance for a fall than a jump tomorrow.
Nifty ( Closing ) : 5240.50
Nifty closed with a mild gain today as we forecasted yesterday ( Ref : NIFTY TODAY : EPISODE 154 ). Traders are anxious about bad monsoon, unchanged monetary policy by RBI, lack of policy making and implementation, political inconsistency, depreciation of Indian Rupees and so on.
First, availability of monsoon is not under the control of anybody. Next, RBI was unable to cut rates up to some extends as inflation is on increase. But, government has to do much more this crucial time. It is the time for taking serious steps for industrial development of the country. Government should take courageous steps for making and implementation of hard decisions for the financial growth of the country. After two more years, India will have to face union election. So, government will have to focus on public welfare programs during that period.
GOOD LUCK.......
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