Weekly View:For 28 May 2012, Mon-2 June 2012, Sat


S&P CNX NIFTY future(4927.90):


Resistance:5008 / 5105 / 5176
Support:4846 / 4778-4752 / 4693

Our view: As of now it seems that the NIFTY may fall to test Support near 4846 level and, if this support holds, then may bounce back towards 5105 level.

Over all: This week the NIFTY has crucial support near 4846 level and a significant break below which (not expected) may target 4693 after finding some support within the band between 4778-4752 levels.

However, on the upside,the NIFTY has resistance near 5008 level and a siginficant break out above which (expected) may take the NIFTY to test resistance near 5105 level.This rise may continue towards 5176 level, if momentum builds

USDINR Future(55.417):


Resistance:55.772 / 56.052 / 56.678
Support:55.367-55.247 / 54.258 / 53.625

Our View: As of now it seems that the pair may see a fall towards 54.258 if breaks significantly below 55.247 as the band between 55.367-55.247 is a very crucial Support.

Over all: This week USDINR has to watch out its opening, on monday 28 May 2012, which is, if clearly below 55.247 level then the pair may fall to test support near 54.258 or we have to wait for the significant break below the band between 55.367-55.247 levels.

However, on the upside, if support within the band between 55.367-55.247 holds then the pair may rise to see 55.772 level. A further extension of rise seems not possible but if then we may expect the pair to test resistance near 56.052 level

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