26 July 2013

NIFTY OUTLOOK FOR MONDAY

The bear are on track, nifty started at 5940 but could not sustain this level and dropped till 5873. Finally ended at 5886.In case, there is any recovery in the market, the Nifty needs to get past the first critical supply zone between 5930 and 5950 range. Once again, the level of 5940 comes now if the index remains below this level it would signal a new phase of weakness coming in, which, by the way, is all but natural after the major liquidity tightening drive by the RBI...
In Monday's trading so long as the Nifty does not cross 5980 and close above that no sustainable recovery is likely. The technical indications are clearly bearish. Despite that if the Nifty manages to get past 5980 and decisively close above the level then it would be a great achievement for the bulls. Right from 5970 through 5890 is a major supply zone for the index.
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RESISTANCE:5900 5940,5980

SUPPORT      :5880, 5860, 5820

4 comments:

  1. wht i have to do with sbi ..i have 24 shares of sbi @ 1795 and i can hold only for seven days..wht to do pls tell...

    ReplyDelete
  2. Further, PNB tanked 5%, its lowest level since June 2009, after
    the state-owned bank said that its gross non-performing
    assets (NPA), as a percentage of advances, rose to 4.84% in
    June 2013 quarter against 3.34% in year ago quarter.

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    ReplyDelete
  3. You are such a great analyst and genius on nifty.thanks for sharing.

    ReplyDelete