MARKET OUTLOOK Nifty 14th July

The nifty opened on a positive note and maintained its strength throughout the day. The nifty registered a high of 5596.15 and closed very near to that level at 5585.45, a total gain of 59 points.

With today’s movement the index has registered a strong rebound from its support level of 5495 levels and in the process has filled up its negative gap placed at 5580-5600 levels. The nifty now needs to sustain above 5600, which would give some strength and a possible test of levels of 5660 or even 5700 /5740. In case the nifty fails to get past 5600, it would keep facing supply pressure and could re test the immediate support of 5540 /5495-5480 levels.

A break below 5480 would be negative and trigger further declines to the level of 5430 / 5380 levels.

MARKET OUTLOOK Nifty 11th July

The NIFTY opened the session on a positive note and registered an intraday high of 5740.40 levels.The NIFTY witnessed profit booking from the higher level which led it to decline to an intraday low of 5651.05 levels.The Nifty eventually closed at 5660.65 levels with a loss of 68 points.

The Index today failed to trade above the 200 Day moving average and in the process has also closed below the breakout level placed at 5700-5720 levels.The index has immediate support at the 5630 levels (Short Term Moving average) followed by the 5600 levels.A close below the 5600 levels could see bit more of corrective decline to levels of 5560 /5515 level.

On the upside the index has multiple resistances at the 5700 /5741 levels (200 DMA). Sustainance above the 200 DMA will lead to a very bullish scenario and would infuse strong momentum on the upside to the levels of 5850 /5900.