Nifty review Today and Market Trend for 17 June 2011

Markets succumbed to selling pressure in the last leg of trade after Reserve Bank of India raised rates by 25 bps which may weigh on margins and profitability of India Inc as loans would become more expensive. The S&P CNX Nifty finally closed near day’s low at 5396.75, down -50.75 points or -2.48 %.

The Nifty futures closed and settled finally at 5409 down by -41.60 points or -0.76 %. It is looking bearish in the coming trading session if it manages to trade below the support level of 5350 else above resistance level of 5460 it would be in an upward trend.

RESISTANCE: It has first resistance close to the level of 5460 & above this level the next resistance is seen near the 5540 mark.
SUPPORT: It has first support close to the level of 5350 & below this level the next support is seen near 5230 mark.

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INTRADAY NIFTY TIPS FOR TOMORROW

The markets had a disastrous session of trade as the banking regulator's move to hike the interest rates by 50 basis points, led to a trail of selling in the rate-sensitive space. The NSE benchmark index S&P CNX Nifty, down -136.05 points or -2.39 % at 5565.25.

The Nifty futures closed and settled finally at 5562.25, down by -163.15 or -2.85 %. It is looking bearish in the coming trading session if it manages to trade below the support level of 5510 else above resistance level of 5726 it would be in an upward trend.

RESISTANCE: It has first resistance close to the level of 5726 & above this level the next resistance is seen near the 5790 mark.
SUPPORT: It has first support close to the level of 5510 & below this level the next support is seen near 5415 mark.

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