Thursday, November 17, 2011

Nifty Intraday Tips for 18 November 2011

After remaining sluggish for most part of the day, nifty again stumbled in the last hour of the session and closed with around 2% loss. Spot Nifty suffered a loss of 95.70 points and closed at 4934. As we already predicted that a trade below 4985 may call for major sell off, the same happened in today's session.
Nifty Futures, down by 2.37%, closed at 4925.30. On the technical indicator front, market is still looking bearish below 4900 mark which Is also acting as a level above which Nifty can take a bounce back move.

Stiff resistance which is required to be breached to acquire the momentum again is around 5020-5080 mark. While support for Nifty futures is seen near 4900-4870 levels.

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