As expected both indices (Nifty and Sensex) witnessed profit booking at higher levels on weak global cues. Global developments as well as domestic cues relating to Q3FY12 results outcome will continue to influence the market trend ahead. On downside 5,050 and then 4,950-4,940 will act as major support levels for the short term.
Indian Equity Market is still in the over bought zone and one can expect further down trend in the near term. For intraday trading tomorrow Nifty will likely to test 5,068 and 4,992 levels as its support. The resistance levels are placed at 5,120 and 5,150 levels. The markets are likely to get affected by the European summit which may bring out rescue packages for Euro zone.
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