Monday, August 8, 2011

Market Trend: Nifty Prediction for 9 August 2011

Another black day for the market and Nifty could managed to stay just above the psychological level of 5100 after touching the day low of 5054.05. 
Nifty Futures also dripped 91 points and finally settled at 5120.45.  The market is likely to continue this negative trend and may further drag down to 4900-4800 levels. A directionless pattern is being seen in the technical charts so traders are required to wait for 2-3 session to initiate any new position.
Technically 4972 is looking crucial downside support for Nifty below which Nifty could fall down to 4800 end even 4700 later.
Day Support levels are  seen near 5080-5040. Resistance zone is-    5165-5200

Posted By Commodity MCX Tips