Indian market has an uncanny knack of mostly correctly
anticipating the movement in the US market especially on tomorrow’s market
there would show a reverse upswing. It exactly panned out that way: while the
Dow might have closed 46 points down but it recovered well from the day’s low.
The sentiment this morning in Asia is quite positive but the SGX July Nifty is
trading down by just 2.5 points at 8531.50 as we write this Market Outlook.
Chances are we would see higher Nifty levels of 8550 getting tested in today’s
session.
It is now entering the most critical supply zone that lies between
8550 and 8596-once this range is decisively taken out we can expect levels of
even 8700 coming to the fore; however, we first need a decisive breakout above
the 8550 – 8600 range. Till such time the Nifty does not fall below 8493 on
sustainable basis, the bulls would not have to bat an eyelid in retaining their
advantage.
RESISTANCE: 8550, 8600, 8650
SUPPORT:
8500, 8450, 8400
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