Nifty Tips and Forecast for Tomorrow (5th August '11)
by Stock Tips
Markets ended in the negative after swinging between gains and losses due to selling in index heavyweights-ITC, Mahindra & Mahindra and Reliance Industries; also concerns over slowing global growth weighed. The S&P CNX Nifty opened in the green and touched a high of 5,434 in the morning session. The index was choppy for a brief period before giving into selling pressure in the afternoon trades as investors fretted over the impact of slowing growth in the United States and a series of rate hikes by the Reserve Bank of India. The Nifty closed near day's low, at 5,332, down 73 points and the benchmark Sensex ended at 17,693, down 247 points.
Nifty Futures shut stop at 5339.80 down by -84.60 or -1.56 %. It is looking bearish in the coming trading session if it manages to trade below the support level of 5325 else above resistance level of 5440 it would be in an upward trend.
RESISTANCE: It has first resistance close to the level of 5440 & above this level the next resistance is seen near the 5500 mark.
SUPPORT: It has first support close to the level of 5325 & below this level the next support is seen near 5255 mark.
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