24 June 2014


"Buy IFCI 42.50 Call @0.20 Tgt 0.50/0.70"
Today market witnessed a recovery,market moment was completely bullish. Market raised due to the impact of high crude oil prices on India's macroeconomic situation eased after decline in global crude oil prices. This wild upswing was also due to the F&O expiry on Thursday. Today Nifty future started at 7530 made a high of 7616 and low of 7525 and closed at 7592, total 91 points was moved by nifty future today. Now on top we saw huge volume coming in the market after quite some time that also is an indicator that the downswing, in all likelihood, is over. now tomorrow the market will continue to move towards upward direction. Market will come back to its comfortable zone of 7600 and will move between the levels of 7580-7650. . On the way up, the Nifty needs to cross 7530 through 7550 to post a sustainable recovery. However, as a confirmation, we need nifty to touch 7630 for any fresh upswing.
We feel that probably the correction that the market saw for the past four-five days was a good bit of consolidation and correction. Though there was a huge sector churning, which was taking place, it has seriously given the markets some very good strength. It is great for the health of the market that intermittent corrections come. It is showing all the classical signs of a good bull market wherein three-four days' correction gets bought into on a given day like today.

A probable recovery seems apparent here as well however, the formation here is not as promising as it is in the Nifty. The index needs to get past the supply pressure between 15200 and 15250 to signal a sustainable recovery. It appears that it is trying to absorb supplies that are coming at this zone, since the Bank Nifty moved up quite sharply in the last session to close to 15150 marks. On the other hand, it is now established that 14900 region is a good demand zone for the Bank Nifty. On the way up, 15400 through 15450 could act a major resistance.
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RESISTANCE: 7600, 7620, 7640

SUPPORT:  7680, 7660, 7640

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