Is Nikon coming out with new DSLR by august?

I'm planning to buy a new DSLR by august. My budget is up to 50 thousand Indian Rs.
I'm Confused between NIKON & CANNON. Which model i should go for?

Nikon and Canon are brands, not models

Nikon just released their entry level D3200 to replace the D3100. A replacement for the D5100 and D7000 are not in the immediate future.

look at the Nikon D3100 and D3200 as well as the Canon 550D and 600D

Probably not. Canon's T4i is brand new and Nikon's D3200 is also brand new.

It's spelled "Canon." Cannons are military weapons.

Nikon D3200
Announced: 19-04-2012
INR 48, 950 (with AF-S 18-105mm VR Kit Lens)
INR 37, 950 (with AF-S 18-55mm VR Kit Lens)
INR 32, 250 (Body only)
(Maximum Retail Price)
Freebees: D-SLR Bag & 4GB SD Card
http://www.nikon.co.in/...ta/Digital SLR Cameras/D3200.xml&CategoryID=gp11zkyo&cu…

expect to pay 47 to 47.5 K for the D3200 with the 18-105mm kit lens

add a spare battery, spare memory card & it neatly fits into your 50 K budget

Canon have announced the EOS 650D kit (EF S18-55 IS II)
http://www.canon.co.in/personal/products/dslrs/eos/eos-650d-kit-ef-s18-55-is-2?languageCode=EN