3 July 2014

NIFTY FUTURE OUTLOOK FOR FRIDAY 4 JULY,2014

The index has gathered quite a bit of momentum after a cool 90 point gain. Today nifty future started on high note but it closed in the negative terrain for the first time after four days of up move as profit booking picked up in banks, metals and realty stocks. Today nifty future begins at the level of 7761 made a high of 7773 and low of 7726 and closed at 7739, total 47 points was played by nifty future. Market expecting that the finance minster will announce measures in the Budget aimed at bolstering economic growth is driving stock prices higher ahead of the key event on 10 July 2014,and due to this investor are expecting bullishness in the market till the budget announcement. Today the Nifty has closed at the doorstep of a significant resistance zone between 7729 and 7745. For tomorrow, on Friday this range, by the way, will going to be most critical zone for the day for staying above this zone on a sustainable basis would signal continuation of the new round of bullish gumption. Incidentally, it also posted a fresh all-time high. If bulls will successfully touch the 7770 or will stay strongly on this level then there will be higher possibilities of the levels 7800-7870, the bullishness is most likely going to stay unless of course, The bears won't take the index to closes below important support area located between the levels of 7660 and 7630.
Bank nifty strongly managed the level of 15500.Today bank nifty opened at 15600 made a high of 15659 and low of 15510 and closed at 15564.total 149 points was moved by nifty future. In the bank nifty we can’t expect a fall immediately for it may move sideways. The range between 15550 through 15600 would be the most important supply zone for the index. Once taken out, the index would gather much stronger momentum. On the way down, the range between 15450 and 15350 is a very strong demand zone if the bears are able to pull the Nifty down below 15227, we might see the current momentum dissipating in a big way.
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RESISTANCE: 7750, 7800, 7850
SUPPORT:  7700, 7650, 7600

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