Monday, October 31, 2011

Market Trend for Tomorrow: Nifty Levels

After last week's strong rally, Indian market could not sustain it on Monday and in a range-bound session Market ended up in marginally negative zone.
Spot Nifty closed at 5326.60 down by 34.10 points while its future derivative settled at 5346.85 after losing 38.65 points. Metals and Oil & Gas stocks were the top losers today while Banking and FMCG shares supported the index.

Technically, Nifty may go positive tomorrow above 5372 level and can test the levels of 5396-5409 and even 5440 later. The 5440 level is acting as major upside resistance and Nifty might take a reverse rally after reaching this level. But breaching this level would invite a strong positiveness in the market.
 It has support level near 5327 while major support is lying around 5220 mark.


Posted By Commodity MCX Tips