Nifty(SPOT) Intraday Trend Support & Resistance Level (Thursday 19 May):-
It was flat closing for the markets on Wednesday with certain selective counters like RIL and SBI dragging the markets down. The stocks of retail companies gained on the expectations that the union government would give its nod for foreign direct investment in the sector.
The market is likely to open flat and the Nifty level of 5400 will provide crucial suppor. The market might consolidate around 5400 for some time but this support is likely to be breached on the downside.
The pre-opening session of the market begins with the Nifty and Sensex indicating a flat start today. The SGX Nifty is at 5434, up 7 points.
For today's trade market likely to trade in the range between 5,450 - 5,490 in the upper-side and 5,390- 5,350 in the lower-side.
Indian equities are likely to open flat on Thursday, May 19, 2011. SGX Nifty is trading at 5,428 (07.42 am), 1 points higher than Wednesday closing of 5,427.
Resistance : Its first resistance level is at 5485 and above this level it could test the resistance level near the 5545 points.
Support : Its first support level is at 5365 and below this level it could have support level near 5300 points.
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