Daily Market Outlook & Nifty Spot Levels : 23 may 11

Today market closed up +58.25 points or (1.07%) and finally settled at  5,486.35  and sensex closed up 184.69 points or (1.02%) and finally settled at 18,326.09  Nifty closed and settled finally at 5,486.35 up by +58.25 points.  Equities in India pulled the shutter for the week with stellar gains, soothing investors' nerves ahead of May F&O expiry on Thursday. Going forward, the market is expected to remain range-bound. The longer it trades below its 200-DMA (day moving average), the likelihood of a negative trend is high.

Market will be uncertain in upcoming trading session. If it manages to trade at Support level 5445  then market would be upward trend and if breaks this level then it would go down by 40 points i.e., 5400 and if its does not sustain to this level then would decline  by 45 points more .

Nifty Manages below this level 5535then market would be downward trend and if it breaks then would go higher about 35 points that is  5570

Support : It has first support near to the levels of  5445 and below this level near to 5400

Resistance : Its first Resistance near to 5535 and above  this level near to 5570

Posted in: Daily Nifty Trend- 23-05-2011,Nifty Outlook for 23-05-2011