Nifty: Resistance 5210-5225-5252-5275-5315
Support 5175-5165-5151-5111-5075
Nifty opened weak on Friday & extended losses later during the day. Market sentiment was weak as the latest IIP data showed growth @ dismal 1.9% in September 2011, the lowest rate of growth in 2 years.
Nifty may open with 35-45 pts gains today in line with Global market. Nifty needs to sustain 5150 on lower side now to keep +ve momentum to keep ticking for bounce backs. Immediate resistance now @ 5225, if sustains, Nifty may move up towards 5252-5275 zone. Further move above this zone may lead Nifty towards 5300++ zone. On lower side, 5151-5165 holds key for further downside. If breaks & sustains below this zone, a down move of 100 pts not ruled out. Trade with levels.
Happy Trading.
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