Nifty: Resistance 5252-5275-5315-5333
Support 5222-5210-5191-5167-5151
Nifty remained under selling pressure inline with global markets and after IT major Infosys revised downwards both earnings and revenue growth guidance for the year ending March 2013 in dollar terms after reporting disappointing Q1 June 2012 results. As per our previous posts, Nifty tested has tested & held support zone of 5222. Infy results gave market to go out of 5270-5350 range. Now, moving forward, Nifty if holds on to support zone of 5222-5191, it may show some bounce back. Immediate intraday resistance @ 5275. If sustains above this, nifty may head towards 5300+ zone. On upside, 5315-5333 will again offer tough resistance. Below 5222, nifty may test 5210-5191-5167 & lower zone.
Trade with levels.
Happy Trading.
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