Free Tips Nifty

Nifty Intraday Status
Today weekly chart, in the short term if nifty sustains above 5050, levels of 5065/5095 could be expected on the upside. The downside support can be expected at 4980, on breaking 4980 levels 4940/4910 can be seen. The overall direction of the market is likely to remain weak as NIFTY has given a breakdown from the important trend-line support of 5430/5440 on both daily and weekly chart. Monthly chart, according to rising demand line (Joining from the lows of Aug 2009 (4353.46) to the low of May2011 (5328.71), breakout of 5480/5490 levels would indicate selling pressure. Any move beyond 5480/5490 level on monthly basis.

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Nifty Intraday Tips
The yesterday Nifty opened lower reacting to the S&P downgrade of EU nations. Nifty futures had hit a low of 4,835.25 in the morning session and it was seen trading off the lows after the announcement of inflation data for the month of December. It had hit a high of 4,899.70 in the noon session as market participants expected some kind of monetary easing from the RBI in its first policy meet of the year 2012 on Jan 24th. WPI inflation for the month of December 2011 came at 7.47% which is considerably lesser than the 9.11% for the same period a year ago 2011.

The Index heavy weights INFY and TCS were up by around 2% as TCS is set to announce its quarterly results today. SBI was up by around 3% as the Bank's chairman confirmed yesterday that the Government is set to infuse Rs.6000-8000 crores into the bank by March 31st and the infusion will be done through preferential allotment of equity by the bank to the Government. In another news, SBI is expected to raise the interest on its car loans by half a percent from today.

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