Weekly View:For 21 May 2012, Mon-26 May 2012, Sat


S&P CNX NIFTY Future (4905.00):

Resistance: 4952 / 5052-5083 / 5155-5175 / 5225
Support: 4853 / 4769 / 4681 / 4635


Our View: As of now it seems that the pair may fall in the first half of week toward 4769 level and then bounce back towards 4952 level.

Over all: This week the NIFTY has mild support near 4853 level, a significant break below this support (as expected) may target 4769 level. Further extension of fall(not expected) may take the NIFTY towards 4681 level.

However, on the upside, the pair has good resistance near 4952 level, a significant breakout above this level may rise to test resistance within the band between 5052-5083. The resistance within this band seems very crucial and if the NIFTY breaks above this then the NIFTY may give bull run towards the resistance band  between 5155-5175.

USDINR Future(54.540):


Resistance: 54.936 / 55.277 / 55.882
Support: 54.337 / 53.624 / 53.269


Our View:As of now it seems that the pair may rise to test Resistance near 54.936 level and then may fall back towards 54.337 level.

Over all: This week USDINR has to watch out two crucial levels, one as a Support near 54.337 and other as Resistace near 54.936 level. A break our above 54.936 may rise to see 55.277 level, further rise above which(least probable) may target 55.882 level.

However, on the downside, a break below 54.337 level may take the pair to test support near 53.624 level. This fall could extend to 53.269 level, if momentum builds.

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