25 July 2014

NIFTY FUTURE OUTLOOK FOR MONDAY 28-JULY-2014

"Buy Petronet Future Above 184.70 Tgt 186.90/189 Sl 181.40"
"Nifty 7800 put @41 Tgt 68/88 Sl 24"
Today a downfall was witnessed in the market. Recording the first drop in nine sessions, the Sensex today ended 145 points lower at 26,126 after selling pressure emerged in blue-chips as investors judged recent gains as excessive. The Nifty today after hitting an intra-day record high of 7,840 in the opening trade, slipped below the 7,800 level as selling pressure was witnessed. The Nifty had gained 376 points, in previous eight sessions. The Nifty in early trade hit record 7,840 but ended below the key 7,800 level to close at 7,790, down 40 points. Opened at 7820 made a high of 7832 and low of 7751, total 81 points was moved by nifty future, But the fall was only for 5 trading days while the current uptrend is already 8 sessions old. Hence, we would like to reiterate that we are in a bull market and nothing would damage the sentiment for the bullish sentiment so long as 7680 is not taken out in the upcoming session.
Overall trend of Nifty July Future is still bullish on chart, Previous week nifty July Future tested its resistance level of 7815, Gave a fresh high of 7838, but unable to sustain on highs it tumbled down in upcoming sessions Nifty July future can give the up move only if it manages to hold its major support level of 7735. If Nifty July Future crosses its resistance level of 7842 levels of 7920 & 8000 can be expected. On short side if It reaches its support level of 7735 corrective move till the levels of 7665 & 7590 can be expected.
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RESISTANCE: 7790, 7830, 7870
SUPPORT:  7750, 7710, 7670

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