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: 8666
crucial, will Nifty manages to surpass?
Nifty
is facing a stiff resistance in the area of 8580 – 8666. While there is no
major downside seen for the moment, the overheated Nifty could enter into a
corrective mode if fails to surpass 8666 this week. Technically if the
correction takes place, it would be good and healthy sign for next leg up to
resume. As it stands, the downside is seen around 7800 – 7750. Until Nifty
holds those levels, we are in a long term bull run. On the flip side, if Nifty
manages to surpass 8666, it could further heat(en) up towards 8800 – 9000 mark.
The short term would be reversed only on a close below 8480, till then one can
drive the market on the long side.
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 (July Fut.)
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Buy Above
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8533
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8552
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8575
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8598
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8621
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8510
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Nifty (July Fut.)
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Sell Below
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8510
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8491
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8468
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8445
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8422
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8533
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