Weekly View:For 23 Apr 2012, Mon-28 Apr 2012, Sat


S&P CNX NIFTY Future (5304.80)

Resistance: 5344-5364 / 5405 / 5544
Support: 5233 / 5190-5177 / 5131

Our View: As of now seems that the NIFTY may see 5544 in next week, but for this a significant break out above 5405 level is required.

Over All: The NIFTY has good Support near 5233 and Resistance within the band 5344-5366. A break out below 5233 is not expected but if then the NIFTY may fall to test the Support band within 5190-5177. Further fall below 5182 in next weeek has very low probability but if then may target 5131.

However, on the upside, the NIFTY has to consecutive Resistances, one as the band within 5344-5366 and another near 5405. A break out above  these two consecutev Resistances may bulid enough momnetum and take the NIFTY to 5544 level.

USDINR FUTURE (52.1675)

Resistance: 52.34 / 52.70 / 53.20
Support: 51.531 / 51.329 / 50.872

Our view: As of now it seems that if USDINR opens above 51.940 on MONDAY, 23 APR 2012, then may rise to see 52.70 and if opens below then fall to test 51.531 a very crucial Support level.

Over all: This week opening of USDINT has to be watched out on Monday, 23 APR 2012, if its above 51.94 then may rise to see 52.70 after finding some Resistance near 52.34. A further rise above 52.70 is only possible if momentum build, which may lead the pair towards 53.20.

However, On the downside, if the pair gives opening below 51.94 on mOnday, 23 APR 2012, then the pair may fall to test Support near 51.531, a crucial Support level. A break out below 51.531, seems less probable, but if then the pair may find next Support near 51.329 level.

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