Nifty Trend For Tomorrow: Market Outlook

The Market got out of the 'S&P Effect” and witnessed siginicant gain Today on the back of the expectations that RBI will cut 50 basis points in repo rate or 50-100 basis points cut in cash reserve ratio. As a result, Banking , Reality, capital good and auto sectors contributed the most to push up the market. Nifty of National stock exchange earned 62 points and closed above 5100 level (5116). 

 The market trend is still likely to remain unexpected and Nifty can move either side of the direction. Technically staying above 5138 may extend the rally up till 5170-5190 level while below the level of 5068 Nifty is looking bearish.

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Nifty Analysis: Trend for Coming Week

Lets start with last week market where nifty  took breath at its resistance as expected. Nifty future closed with a loss of  nearly 2.5% while BSE Index closed with a loss of 2.5% as well. Capital goods, realty, banking and oil & gas played important roles in pulling the markets down whereas  IT and tech provided support to the Indian benchmarks. 

Now talk about the technical picture of the market. Since Nifty was not able to sustain at its high levels, throughout the market followed by Feb month of expiry and profit booking. This week nifty is forming lower bottoms and lower highs pattern in daily chart which indicate that, nifty does sustain at it high so down side really can be seen till 5350 level below that 5280 is next support. And still major hurdle for nifty is 5700 .

There is a major events is awaited in march month of contract like:- annual budget . Budget expectation keep remain mk violate. So be caution all trader and investors.

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Nifty Today Review and Prediction for 15 April 2011

Indian markets showed an upward rally today after showing low for five sessions and ended near psychological resistance levels. All the pectoral indices ended in the green with capital goods, auto and banking stocks leading the up move. The S&P CNX Nifty closed at 5911.50, up by 140.35 or 2.42 %.

The Nifty futures closed and settled finally at 5944, up by 140.35 points or 2.42 %. It looking bullish in the coming trading session if it manages to trade above the resistance level of 5950 else below support level of 5750 it would be in a downward trend.

RESISTANCE: It has first resistance close to the level of 5950 & above this level the next resistance is seen near the 6000 mark.

SUPPORT: It has first support close to the level of 5750 & below this level the next support is seen near 5695 mark.

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