Nifty Tips and Trend for Tomorrow (19th August '11)
The markets slipped over 2% in the last leg of trade following heavy selling in front-line IT and banking shares as concerns of global growth slowing down weighed on investor sentiment.
The Nifty opened flat, but wilted under selling pressure soon after. The index cracked the 5,000-mark, and touched a low of 4,932.15 during the last half an hour of trade. The Nifty finally closed near day’s low at 4,944.15, down 112.45 points and the Sensex ended at 16,469.79, down 371.01 points or -2.20 %.
Nifty Futures shut stop at 4931.10 down by -136.65 points or -2.68 %. It is looking bearish in the coming trading session if it manages to trade below the support level of 4925 else above resistance level of 5140 it would be in an upward trend.
RESISTANCE: It has first resistance close to the level of 5140 & above this level the next resistance is seen near the 5230 mark.
SUPPORT: It has first support close to the level of 4925 & below this level the next support is seen near 4775 mark.
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