19 July 2013


Nifty  is down 8.85 to end at 6029.20. Nifty made a high of 6062 and a low of 6022.but the BSE Midcap and Smallcap indices fell 0.6 percent each. The index has staged a major rally in the late session with the bank stocks rallying strongly once it came to be known that the RBI called off the auction of Rs 110 billion worth of government bonds. The bank bulls got a fillip from the current situation arising out of the RBI’s ambivalent stance in this regard. The stock market is likely to rally but the local currency could well suffer from fresh selling pressure....

In any case, now that the Nifty is trading above the critical level of 6050 it is expected to move up further. Once it stays above 6050 now, it is expected to scale up and test 6100 or higher levels. On the way up, however, going forward this rally could be put to severe test between the Nifty levels of 6110 and 6140.
RESISTANCE:6050, 6080,6100

SUPPORT:     6040, 6000,5980


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