21 July 2014


"Buy DLF 200 Put @ 1.95 Tgt 2.40/2.70 Sl 0.90"
Today market maintained uptrend throughout the day. The market remained in positive zone throughout the day. But, higher level could not be sustained due to weakness in European shares triggered by lingering geopolitical concerns. Indian stocks eked out small gains as monsoon rains picked up last week. With small gains Sensex and the Nifty, both settled at their highest level in two weeks. The market breadths indicating the overall health of the market was positive.. Today Nifty future started at 7701 made a high of 7719 and low of 7675 and closed at 7682, only 44 points was moved by nifty future. 
The index is in a short term uptrend, and is likely to move further up from the current levels. Before hitting the levels of 7730 through 7760, there is no major resistance for the Nifty. We expect nifty will cross the levels of 7740 by tomorrow. Chances are we would see a gap up opening around the levels of 7680 – 7710. If this level will achieved by nifty then there will be higher probability of the level 7760-7780 In case of any profit taking led selling spree after opening, the level of 7665 through 7645 would act as an initial support area. Thus, prior to any decisive fall below 7645, we should not be interpreting any fall from higher levels as a sign of major weakness. In fact, for that to happen even the level of 7630 needs to be taken out as well.
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RESISTANCE: 7690, 7730, 7770
SUPPORT:  7650, 7610, 7760

1 comment:

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