Nifty Tips and Trend for the Day (16th June '11)
Markets extended losses in afternoon session and ended near day's low due to losses in rate sensitive shares ahead of the credit policy tomorrow. The S&P CNX Nifty opened in the red and was dragged due to selling pressure in banking and realty shares as 25 basis point rate hike is expected during the monetary policy on Thursday. Nifty closed near day's low at 5,448 - down 53 points.
The Nifty futures closed and settled finally at 5452.65 down by -63.15 points or -1.14 %. It is looking bearish in the coming trading session if it manages to trade below the support level of 5435 else above resistance level of 5505 it would be in an upward trend.
RESISTANCE: It has first resistance close to the level of 5505 & above this level the next resistance is seen near the 5630 mark.
SUPPORT: It has first support close to the level of 5435 & below this level the next support is seen near 5310 mark.
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