Nifty Tips and Trend for Tomorrow (16th August '11)
Markets declined as investors remained cautious over murky global outlook and expectations that the Reserve Bank of India would continue to hike rates after better than expected industrial output data.
The Nifty opened in the green and touched a high of 5,194.45 tracking firm global cues. The index wilted under selling pressure after the industrial output data came in higher than expected; stoking expectations that RBI may continue with its tightening process. The index made a low of 5,052 in the noon session. The S&P CNX Nifty finally closed at 5,072.95, down 65.35 points.
Nifty Futures shut stop at 5074.50 down by -62.75 or -1.22 %. It is looking bearish in the coming trading session if it manages to trade below the support level of 5050 else above resistance level of 5190 it would be in an upward trend.
RESISTANCE: It has first resistance close to the level of 5190 & above this level the next resistance is seen near the 5240 mark.
SUPPORT: It has first support close to the level of 5050 & below this level the next support is seen near 4950 mark.
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