12 July 2014

NIFTY FUTURE OUTLOOK FOR MONDAY 14 JULY, 2014

Today starting of market was positive but it slumped down after the announcement of the Infosys results. Sensex closed at 25,024; down 348 points & Nifty ended the trade at 7,459 down 108 points. The sensex  is provisionally closed above the psychological 25,000 mark after slipping below that mark for a brief period. The Sensex and Nifty, both, hit 2-1/2-week low. . Today nifty future started at 7565 made a high of 7638 and low of 7466 and closed at 7484 total 172 points was moved by nifty future. The Nifty has broken the rising wedge pattern and has also retraced 78.6 per cent of the same. Now, once it breaks 7,479 it will confirm its next five-wave decline which has an equality target of 7,400. The negative divergence in the momentum indicator clearly indicates that bears have the upper hand.
When we look at the technical charts of either the indices tracked by the NSE or the most of the stocks in the CNX are clearly indicating that we are bracing for a corrective downtrend sooner than later. Thus, we might anticipate that it would be a sell-on-rallies kind of a trading stance that you have to take going forward, at least in the short term, the budget notwithstanding. Market could go into a consolidation phase due to lack of triggers and monsoon concern. Any near term correction should be viewed as a very good buying opportunity. For Monday investors are expecting that market will move in a strong & positive direction. If market will move to the upward direction then it will try to touch 7550-7600 at the other side 7430 will be proved as very good supporting level for the nifty.
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RESISTANCE: 7500, 7550, 7600
SUPPORT:  7450, 7400, 7350

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