2 August 2014


On the week ended Friday, the Sensex came under intense selling pressure in the last 1 hour of trade, falling as much as 435 points, which also marked its biggest single-day fall since July 8. Nifty future also witnessed a downfall at the time of closing. After a firm opening at 7686 level nifty future made a high of 7744 and in the mid-session the market was slumped down at 7611 due to losses in realty, banks, pharma and auto stocks and closed at 7624. Now it is just beginning of the august series and Monday will be the second trading session of august series, so for Monday we are likely to see a strong trading session, recovery is expected in the market. In fact, the end-of day bar chart pattern seems to suggest still there are enough buyers to support the nifty close to the 7000-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 7640-7680 during the session. In any case, we would really have some confidence for a better Monday only if we see the Nifty future getting past 7700 – 7750 range closing there.
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RESISTANCE:7670, 7700,7730
SUPPORT:     7640, 7610,7580

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