INTRADAY STOCK TIPS FOR TODAY: NIFTY LEVELS FOR THE WEEK

Monday, May 17, 2010

NIFTY LEVELS FOR THE WEEK

NIFTY WITNESSED THE CORRECTION FROM HIGHER LEVELS CLOSE TO 5200 AND MADE CLOSING BELOW 5100. NOW IT IS LOOKING THAT NIFTY MARKET MAY MORE CORRECT FROM THE CURRENT LEVELS. IN THE DOWNSIDE THE TWO CRUCIAL SUPPORTS FOR NIFTY SEEMS TO BE AT THE LEVELS OF 4950 & 4820. SO WE RECOMMEND THAT NIFTY TRADERS COULD HOLD THE SHORTS FOR SOME MORE TIME.THOSE NIFTY TRADERS WHO LIKE TO INITIATE NEW SHORTS WITH NIFTY COULD DO BELOW 4975 FOR THE TGT OF 4825 TO 4830.

SUPPORTS AND RESISTANCE FOR NIFTY FOR THIS WEEK:

Support 1: 5009
Support 2: 4924
Resistance 1: 5195
Resistance 2: 5297

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CapitalVia Global Research Head of Research Vivek Gupta said: "The good thing to cheer for the investors is that now they own a stake in the company which is much more clean in all the aspects and is amongst the top-five IT companies." Via moneycontrol.com Commenting on the outlook, the broking firm CapitalVia Global Research said, "Next week, if gold sustains above the level of 26,430 then by breaking the level of 26,890, it may touch the level of 27,250. But if it fails to sustain above 26,430 then may touch the level of then it may test the level of 25,311/25,200. For silver 42,800 may act as good resistance. For the next week, traders can sell on higher level strategy, if MCX Silver September futures sustains below 41,080 then it could test the levels of 40,340/ 39,900." Via myiris.com Vivek Gupta, head of research, CapitalVia Global Research said, "Technically, Nifty is likely to consolidate in the upcoming session and remain bullishly poised. Major resistance for upside is 6,080 with the crossing of which 6,150 can be touched. For downside, major support is at the level of 5,850 and 5,750."