8 August 2014


In this whole week bulls and bears both had a tough fight, bulls were tried to get nifty to 7700-7730 but was failed and bears pulled nifty to 7442 level on the week ended Friday, bears win the fight. Market got declined on the last trading session of the week but the movement of the market was completely range bound. Today on Friday also nifty future started at 7604 made a high of 7618 and low of 7560 and closed at 7593, total 58 points was moved by nifty future throughout the day. The reason of market declination was the rising of crude oil prices and falls in rupee against dollar. At the end of session it tried to get recover but was failed due to selling pressure. We are likely to see a strong opening Monday. In fact, the end-of day bar chart pattern seems to suggest still there are enough buyers to support the market close to the 7700-mark for the Nifty future thus, it would not be that easy for the bears to push the market down at one go.
We, however, need to see the index staying above the most critical levels between 7614 and 7658 during the session. In any case, we would really have some confidence for a better next week only if we see the Nifty future getting past 7630 – 7670 range closing there. , If nifty falls below this levels then it will reached to 7500-7400 very soon.
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RESISTANCE: 7600, 7638, 7676
SUPPORT:  7562, 7524, 7490

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