Technical Analysis for 18 May and Predictions for 21 May

Nifty ended moderately up gaining 11.95 pts, Sensex was up 40039 pts.

Hyderabad, India (prHWY.com) May 18, 2012 - http://www.theequicom.com/reports_files/DAILY%20NEWS%20LETTER%2018.05.2012.pdf

Technical Levels

Nifty

Trend: - Consolidate
Resistance: - 4920,5000
Support: - 4800, 4720
Strategy: - Buy on Dips

Bank Nifty

Trend: - Consolidate
Resistance: - 9300,9500
Support: - 9000, 8800
Strategy: - Sell on High


MARKET WRAP

* Nifty ended moderately up gaining 11.95 pts, Sensex was up 40039 pts.

* France's CAC, Germany's DAX and Britain's FTSE were down 0.6-1%.

* CAD Foreign Securities Purchases was down with 2.08B.

The BSE Sensex and NSE Nifty closed flat on Thursday amid never ending Greece concerns and faltering rupee against dollar. The crisis in the Euro zone adding pressure on the currency. In April, S&P downgraded the outlook for India to negative from stable,citing poor fiscal health and deteriorating economic indicators.



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