3 July 2018


Today bulls have shown that they are not ready to give up. After losing ground in Monday’s trade bulls has shown the strength & bounced back on Tuesday. This time, the nifty future came close to the 10750 level before erasing the losses of entire day to settle in the black, suggesting that the bulls were not in a mood to give in easily. For the day, the nifty future ended up rising 73 to 10731. Nifty future has opened from 10645 made a high of 10733 and low of 10630. Total 103 points nifty future has moved in intraday.
On the weekly timeframe chart, the Nifty formed a small-body positive candle with a minor upper shadow. This pattern indicated rangebound movement in the market.  A low of 10750 could now be considered as a new higher bottom of the sequence. After forming a lower shadow in last three weekly candles, the Nifty future has formed a minor upper shadow, which is signaling the presence of a strong resistance at its high.   Nifty future has withheld support near the 10600 level. We continued to be positive in the market as long as Nifty sustains above the 10700 level.  The index has been making higher highs and higher lows for last few days and a hold above 10750 level would be important, if Nifty has to move higher. Unless the index closes above 10850, the bulls will not gain an upper hand. A breakout is needed for them to reach safe shores. A close below 10650 shall re-establish the supremacy of the bears. Traders are advised to remain cautious. 
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Resistance: 10750, 10800, 10850
Support: 10650, 10600, 10550

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