Thursday, July 28, 2011

Nifty Intraday Tips: Market Trend For 29 July 2011

Indian markets still could not get over the effect of RBI monitory policy and continued its bearish trend on third consecutive day. The 50 shares Nifty went down by 56.05 to close below 5500 mark at 5487.75. Out of 50 stocks in NSE Nifty, 37 ended in red zone.

The Futures derivative of NSE index (Nifty Futures) dropped 59.65 points and closed at 5488.25 down by 1.08%. Now the market may take a recovery move from here and some upside levels may be seen in near term. The crucial support level for downside is seen near 5440-20 and I nifty breaks the same, it can suffer some serious sell offs. Resistance is residing near 5500-5522 levels.
for day traders It is advisable to Buy Nifty above 5510 for the targets of 5540-5567 with strict stop loss.


Posted By Commodity MCX Tips