NIFTY CHART OF THE DAY
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Nifty Trend
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In 60 minutes
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In Daily
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In Weekly
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In Yearly
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Nifty
(Spot)
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UP
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UP
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UP
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UP
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Market commentary:
Nifty Spot
Nifty Spot: Closed
above 8666 – 8680; eyeing 8878
Nifty
did manage to close above 8666 – 8680 resistance zone. Now Nifty could march
higher towards 8878. 8878 is a minor resistance zone when compared to that of
8666 – 8680. On its comparative basis; we expect Nifty to surpass even that if
current bulls strength remains intact. Looking at the technicals, Nifty is
still over heated and as the resistance zone is surpassed; it could well manage
to run very fast towards 8878 mark. On the other hand, if Nifty fails to hold
on to the closing resistance zone; then it calls for a cautious view (this is
unlikely to happen). Watch out for the run up followed by mild correction by
end of this weekend.
Nifty Spot: The
next leg down will commence soon, watch out for 7980 – 7950 to be broken first.
Let us
sit back and analyse the entire move up right from 6825. 6825 was an important
technical support level, which is exactly 50% retracement from the entire leg
up which was in place from 2014. It was during the day of budget, due to
announcement of 3.5% deficit and giving hope for a rate cut from central bank,
the market move smartly from 6825. The hope rally began very swiftly. Then came
less than anticipated rate cut, however there was still hope as governor said
further rate cut is possible if monsoon is normal. We saw the largest drop post
announcement in the entire leg up. Hope still continues as soon as MET
department announced, we will have better than the normal monsoon, and Nifty
moved towards 8500 mark. If you were to analyse, one thing is for sure, the
entire move up was built on ‘hope’. Now it is time to test reality. If we can
hold on to 6825 in the next leg down, we are going to see another Bull Run in
Nifty, if not ‘hope’ would turn out to be ‘nightmare’.
Nifty Future:
Positional & Intraday guidance
For
intraday traders (Nifty Future) try to do jobbing on both the sides of market
movement. You can use the levels given below to trade accordingly.
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Instrument
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Action
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Entry
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Target 1
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Target 2
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Target 3
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Target 4
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Stop Loss
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Nifty (Aug Fut.)
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Buy Above
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8719
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8738
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8761
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8784
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8808
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8695
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Nifty (Aug Fut.)
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Sell Below
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8695
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8676
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8653
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8603
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8578
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8719
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