NIFTY AS ON 12/05/2010

NIFTY as said facing resistance at 5175 and could not sustain above 5175 even after 2^nd attempt also if nifty trades above 5150 level tomorrow it shall show strength which can take nifty further to 5190 – 5217 levels below 5130 levels nifty shall remain week and try to breach todays low also nifty is at the upper end of channel resistance as per daily charts which can be taken out by gap up  opening or sustaining above 5175 levels after consolidation for two days also FII are net seller in cash segment and DII bought half of what FII sold also most active call was 5200 which can act as resistance and 5100 – 5000 pe had highest openinterest which could act as support for the market. India’s factory output rose 13.5% in March, marginally lower than expectations and against 15.1% rise previous month. FY11 GDP estimate of 8.4% led by industry and services at 9.1% and agriculture at 4%.Inflation to be announced on friday. Only a close above 5210 shall make bull bullish otherwise there shall be range bound market for traders.