4 July 2014


Very volatile market was today. In morning Sensex & Nifty future opened on a positive note, both were traded in a range with a positive bias in morning session; some profit-taking was also seen today after the Sensex and Nifty future set record highs on Thursday. But in afternoon session index witnessed a sudden slide .The Sensex and the Nifty future fell nearly 0.4 % in noon trade  after comments from Finance Minister that concerns about the impact of Iraq crisis on crude oil prices remain despite moderation in oil prices. But Index re-gained positive terrain in the end session and made a record closing high. Today Sensex closed at the level of 25,962 while Nifty future started at 7754 made a high of 7791 and low of 7676 & closed at 7790, total 115 points was played by nifty future. The dream run for Indian markets has already started with indices hitting record highs . Both Sensex and Nifty future have rallied over 22% each.
For Monday 7830-7900 remains an immediate resistance level for Nifty future and some profit-taking was emerging at the level of 7770-7850. Bull will try to take nifty to the level of 7800-7900.if this level will taken out easily then there will be higher possibilities for the nifty  to touch 8000.if bears will win the fight then they will take the nifty to the level of 7560. 
The Nifty future is poised to go up to 8000 and plus levels around Budget. Budget is expected to be a positive event which has already been factored-in and so, investors should focus for staying long-term into the market than just investing for the near-term event.
All eyes are now on the final Union Budget for 2014-15 due next week on 10 July 2014. After a clear mandate in Lok-Sabha elections this year and with BJP perceived as a business friendly party, expectations from the Budget are running high. There are expectations that the finance minster will announce measures in the Budget aimed at bolstering economic growth, a road map for reducing the subsidy burden and timeline for implementation of the Goods and Service Tax are some of the expectations from the Budget.
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RESISTANCE: 7790, 7830, 7870
SUPPORT:  7750, 7710, 7670

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