18 June 2014

STRONG BOUNCE BACK OF NIFTY TODAY

Today market braked out of narrow range and plunged sharply in mid session following basket selling in index stocks triggered by tension in Iraq. According to reports, after taking control of Iraq's biggest oil refinery in Baiji, ISIS militants are now just minutes away from it's capital Baghdad. The sensex tumbled over 495 points due to this iraq worries. it again slipped to end the day at 25,246 down 274 points. Today sensex started at 25565 made a high of 25609, and low of 25114, and closed at 25246.Today the Nifty future bounces back strongly after a correction of a little over 200 points. Nifty future started at 7655 made a high of 7672 and low of 7523.today nifty future ended at 7556 by a low 71 points. total 149 points was moved nifty future today, for today most critical levels to watch out for nifty future was range between 7635 and 7615. Now for tomorrow nifty will manages to stay above this range it will continue moving up. We are expecting a retest of the next supply zone between 7680 and 7695, and once that zone is successfully taken out it is likely to get past the 7700 mark to post a new high. The supply pressure would be felt in our anticipation between 7710 and 7730, then again between 7770 and 7800 levels. This correction augurs well for the market in all likelihood. Our market is getting ready for the pre-Budget rally.
This index has posted a brilliant turnaround in the mid session by sharply moving up! Bank nifty started at 15470 made a high of 15491 and low of 15152 and closed at 15230 total 339 points was moved by bank nifty today.Now, it looks good again. Now, if it were to remain above 15240–15280 range then this rally is likely to continue. Now, it needs to clear 15300 15400 range to move up further. Once this higher range, just above the 15500 level, is cleared then the index might well get past its all-time high mark of 15550. On the downside, below 15290, the levels of 15250 through 15200 would be the next support area. Major support, however, remains below the 15000-mark. 
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RESISTANCE: 7550, 7580, 7710 
SUPPORT:  7520, 7690, 7660

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