Monday, May 2, 2011

NIFTY NEXT- Nifty EOD 02 May 2011 Technical Analysis & OutLook For 03 May 2011


Nifty-Spot today ended at 5701.30 with a fall of -0.8% as per our morning analysis with formation of a Long Black Candle on Daily price chart. VS of Nifty options are suggesting ,Nifty-Fut Trading Range 5300-5800 for the June 2011 Expiry.  On Technical Price Chart, Nifty is in Bearish Zone. Major Momentum Indicators are in Sell-Zone. Swing 350 is trading in Red Zone. PIR daily has given negative crossover to weekly value. As per Our Leading Momentum Indicator, NNI-Nifty next Indicators, which increased in today’s Trading session(02 May 2011), suggests that Nifty will Trade with Positive Momentum on 03 May 2011 or A Bounch-Back is possible from its lower levels. Nifty-Spot has now Strong support at 5636 and Resistance at 5743/5790 in short-term.

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