11 June 2014


Today Sew-saw movement was there in nifty. After hitting yet another record high of 25,735 in the morning trade,the Sensex ended at 25,473, down 109 points. Nifty future today started at 7670 made a high of 7715 and low of 7610 and closed at 7637, total 105 points was nifty future moved throughout the day. The index turned quite volatile during the session first, it fell by 104 points from 7683 and then some see-saw movement for most of the time before recovering sharply in the last hour to close a tad higher than the previous session. Incidentally, the top was made within the potential supply zone anticipated by us. While there had been a positive close for sure, the day’s price movement undoubtedly has created some fissures in the solid uptrend that we had been observing in the recent past.
The candlestick formation on the end-of-day chart of the index shows a hangman at the top, which by any reckoning has a bearish connotation. Thus, today’s price swing becomes very crucial. Now tomorrow also nifty will oscillate between 7650-7700.if nifty will faced any downfall then 7600 will proved as very good supporting level. Investors are eyeing the Budget document, to be out in the first half of July, and the rain gods for cues on which way the market is likely to move for the rest of the year.
fall goes well, the Nifty may even surpass levels of 8400-8500 in 12-18 months.
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RESISTANCE: 7650, 7680, 7710
SUPPORT:  7620, 7590, 7560

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