Nifty Tips and Forecast for Tomorrow (17th June '11)
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 54 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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