Nifty: Resistance 5131/5151-5165/5190/5222
Support 5115/5075/5051/5020
Nifty, after opening with marginal loss, continued uptrend to hit fresh intraday highs in late trade on expectations the RBI will cut interest rates to prop up slowing economy after the latest IIP data grew just 0.1% in April 2012. Today, Nifty may see a flat opening. Nifty is showing breakout on charts, but immediate stiff resistance @ 5131-5165 zone. If sustains above it, Nifty may head towards 5200-5250+ zone. On lower side, sustaining below 5115, Nifty may see some intraday weakness & some booking towards 5075-5050 zone can be seen.
Trade with levels.
Happy Trading.
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