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[April 30 – May 5] Equity: Major Support Zone For NIFTY @ 5120

Indian equities were volatile in this week because of F&O expiry and finally markets lost the ground and closed negative @ 5190.60 down by 1.9% as compared to previous week. This week markets opened on a lower note and the down trend continued during the whole week. Nifty 50 Spot index took support at 5154.30 level.

For the coming week Nifty spot has a major support zone @ 5120 and if it breaches this level than we expect to see 5000 levels on lower side.

As per market conditions we can’t expect major upward move in the near term but if Nifty spot index sustains above 5250 mark than it can move towards 5310-5380 mark.

Coming week is a shortened trading week as the stock market remains closed on Tuesday ,1st may 2012 on account of Maharashtra Day. Trend of Commodity and Energy sector stocks can continue to be weak in the upcoming week.

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