Nifty Tips and Trend for Tomorrow (12th August '11)
Selling pressure in oil & gas stocks has taken the markets off the day's high. A declining European market and falling Dow future have dampened sentiments in India.
The markets had rebounded from yesterday's fall, owing to a recovery in global stocks. The NSE Nifty, after touching a high of 5190 moved sideways for the first half of the day. However, it started to slip in afternoon trades and touched a low of 5118.10 down 71.90 points from the days high. The index is now at 5161 up 88.15 points or 1.74 %.
Nifty Futures shut stop at 5148 up by -64.60 or 1.27 %. It is looking bearish in the coming trading session if it manages to trade below the support level of 5118 else above resistance level of 5240 it would be in an upward trend.
RESISTANCE: It has first resistance close to the level of 5240 & above this level the next resistance is seen near the 5440 mark.
SUPPORT: It has first support close to the level of 5118 & below this level the next support is seen near 4950 mark.
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