Market Technical View for 04/07/2012
Markets could not hold on higher levels and then traded in the tight support range for the whole session. Nifty future again resisted near 5330 level and closed at the crucial level of 5300. It needs to maintain above the 5330 level to gain strength from where it may lead towards 5400. On lower side, if it trades in the range of 5270-5250 then it may further drop towards lower levels. Strong support is seen around 5200 which is its 100 day SMA.
Markets could not hold on higher levels and then traded in the tight support range for the whole session. Nifty future again resisted near 5330 level and closed at the crucial level of 5300. It needs to maintain above the 5330 level to gain strength from where it may lead towards 5400. On lower side, if it trades in the range of 5270-5250 then it may further drop towards lower levels. Strong support is seen around 5200 which is its 100 day SMA.
