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Nifty Trend For Tomorrow 17-June 2011

Nifty was on slight bear trend last day and closed at 5826 .Today the first resistance for nifty is at 5840-45 level.Next resistance is at 5854-58 level.Next resistance is at 5875-80 level.

The Indices are already trading well below its crucial support levels of its 200 day simple moving averages (SMA), and it is weak therefore a small bad news can cause heavy sell-off with volatility. As the Nifty is trading below 5,400, there are chances that Nifty may test its lower support levels at 5,300 -5,200 in the immediate future.

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Source : Bank Nifty levels

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Buy Mahindra Satyam @71.50 TG-72-73 SL-70

Sell Mohit Industries Ltd. below 27 TG-26.50-26 SL-28

MARKET today will open flat and remain choppy in the first half. It will become volatile in the second half and face technical resistance at 6020, 6040 and support at 5960, 5935. NIFTY will play in the range for some time trying to break-out. Today Select stocks in mid-cap space will outperform. Till nifty in this range midcap will fly around. Any close above 6040 with volume may see NIFTY testing earlier highs of 6080 levels. Last day of the trading week and also Investment and Trading GURU’s are holidaying in some nice hideouts. So do not expect fireworks today. Stay light to enjoy the X-MAS weekend.

What happened in the last hour of trade yesterday is only the trailer of things to come in rest of December. We have saying repeatedly use any dip to accumulate your choicest stock at your favored price. There is a huge opportunity in the midcap space.

We all are receiving SMS and reports all through last week from known and unknown sources that market will crack sooner than later. In fact almost all TV channels, Web analysts are more than 100% certain that we will see blood on the Dalal-Street. Yesterday Europe opened weak and Dow futures were down. After that what happened we all know. Markets staged a smart recovery once again vindicating our stand that markets are supreme. No human or computer can predict its’ move. Markets bounced back unexpectedly many times in the recent past around 5800 level. Silently market is telling only one thing it has strong support around this level.

We all watched the Breaking News on News channels and web-sites. Now the reality is that the world markets are at 2 year high despite economic slowdown. And where are Indian markets with 9 % strong growth.