Market Outlook: Nifty Levels for 06 JULY 2012

The markets traded array bound throughout the day and closed with moderate gains. Midcap and small cap counters outperformed large cap stocks. Banking, FMCG, power and capital goods were the biggest gainers in yesterday’s session while realty and metal lost significantly.

The Bse Index closes at 17539 up 76 points or +0.43% & Nifty closes at 5327, up 25 points from the previous close or +0.47%. CNX Midcap index was up 0.8% and the BSE Small cap index was up 1.6%. The market breadth was positive with advances at 1079 against declines of 401 on the NSE.

Any Close Below 5155 will drag more Downside

Last Close at 5327 up 25 points, Last High at 5333 Low at 5288, Weekly High at 5333 and low at 5095 and 5 DMA at 5295, 20 DMA at 5158, 50 DMA at 5053 and 200 DMA at 5081

5-Days Relative Strength Index at 89 and 14-Days Relative Strength Index at 70. It Indicates Nifty Placed in Over Bought Zone.

RESISTANCE: It has the First resistance close to the level 5333 & above the level marks the track point at 5355 later zooper level at 5399 mark.

SUPPORT:  It has the first support close to the level of 5311 & below this level mark next support is seen at 5288 later dipping level near 5244 mark.