7 May 2014

LACK LUSTER MOVEMENT IN MARKET

Nifty Future Call given yesterday rocks...!!!!!!!!! all target achieved 
"Buy LT Future Above 1305 Tgt 1314/1321 Sl 1291"
"Buy IDFC 100 Put @ 3.80 Tgt 4.90/6.20 Sl 2.50"
Today very lack luster movement in the market since again it failed to clear the resistance at 6765.Today nifty future stated from 6774.. then touch the highest level of 6749 and  lowest level of 6,671 and ended at the level of 6681..i.e. market ended towards downside..Chances are we might see a continuation of this lack luster movement again unless the Nifty manages to decisively get past 6765 or fall below 6650 on the downside on heavy selling. This narrow range between 6760 and 6640 would continue unless the market senses some directional movement about the possible outcome of the ongoing parliamentary elections. Now for Thursday we are expecting that nifty will try to touch the level of 6700-6730. And also we crossing the finger that if market will fall down then 6675-6655 will proved as very good supporting levels of.
In bank nifty it is clearly in an intermediate uptrend, which unless it falls and stays below 12820 as of today for at least three trading sessions, the uptrend would remain intact till such time we get a lower low below 12740, there is no threat to the uptrend per se. We need to see it clearing at least the levels between 13000 and 13050 to see momentum coming back to the banking sector.
RESISTANCE: 6,760, 6,780, 6,810
SUPPORT:  6,755, 6,735, 6,715

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