The nifty opened on a negative note and remained under pressure throughout the day trade. The nifty registered a low of 5532 and closed very near to that level at 5541, a loss of 25 points.
The Index has given a close at its immediate support level of 5540 levels. Sustenance below this level could see the index decline to its crucial important support level of 5495-5480. In the past, the index has given strong reversal from the 5495 levels, so we believe that the chance of nifty holding out around these support levels are by far the best. But, a break below 5480 would be negative and trigger further declines to the level of 5430 / 5380 levels.
On the upside the index has multiple resistances at the levels of 5580 / 5605 / 5650.
Showing posts with label stock market Nifty view.. Show all posts
Showing posts with label stock market Nifty view.. Show all posts
Friday, July 22, 2011
Thursday, July 21, 2011
MARKET OUTLOOK Nifty 21th July
The NIFTY opened the session on a positive note and registered an intraday high of 5645.40 levels. The NIFTY witnessed selling pressure from the higher level which led it to decline to an intraday low of 5555 levels. The Nifty eventually closed at 5567 levels with a loss of 46 points.
The index today witnessed selling pressure once it failed to sustain above the 5600 levels. However the index has managed to close above the immediate support level placed at 5550-5540 levels. In case the nifty trades below these levels, then it could decline to the levels of 5495 – 5480, below which the selling pressure could accentuate to levels of 5430-5400.
In case the nifty manages to hold on to support levels of 5550-5540 expect a rebound to levels of 5600 /5650 over the next few days.
The index today witnessed selling pressure once it failed to sustain above the 5600 levels. However the index has managed to close above the immediate support level placed at 5550-5540 levels. In case the nifty trades below these levels, then it could decline to the levels of 5495 – 5480, below which the selling pressure could accentuate to levels of 5430-5400.
In case the nifty manages to hold on to support levels of 5550-5540 expect a rebound to levels of 5600 /5650 over the next few days.
Wednesday, July 20, 2011
MARKET OUTLOOK Nifty 20th July
The NIFTY opened on a tentative note and traded in a narrow range for most part of the day.The NIFTY recorded a low of 5557.20, before picking up strong momentum towards the end of the day.The nifty finally closed at 5613.55, after recording a high of 5627.
With Today’s movement the index has closed above the resistance level of 5600.Going forward the index is likely to head towards the levels of 5660 / 5700 /5740 in the coming trading sessions,if it sustains above the 5600 levels.
On the downside the index has immediate support at 5560 -5540 levels followed by the 5495- 5480 levels.A close below 5480 would be negative and trigger further declines to the level of 5430 / 5380 levels.
With Today’s movement the index has closed above the resistance level of 5600.Going forward the index is likely to head towards the levels of 5660 / 5700 /5740 in the coming trading sessions,if it sustains above the 5600 levels.
On the downside the index has immediate support at 5560 -5540 levels followed by the 5495- 5480 levels.A close below 5480 would be negative and trigger further declines to the level of 5430 / 5380 levels.
Tuesday, July 19, 2011
MARKET OUTLOOK Nifty 19th July
The NIFTY opened on a tentative note and traded in a narrow range throughout the day.The index witnessed a lackluster session with low volume participation. The nifty registered a low of 5550.95 and finally closed at 5567, with a loss of 14 points.
The Nifty is trading in a narrow range of 5540 on the downside and 5650 on the upside for the last few trading session. The immediate support to watch for the index are 5540 /5495-5480 levels.In case the nifty closes below 5480 level; it is likely to continue its downward movement and could test the levels of 5430-5415 / 5380.
On the upside the index needs to sustain above the 5600, which would give some strength and a possible re test of levels of 5660 or even 5700 /5740.
The Nifty is trading in a narrow range of 5540 on the downside and 5650 on the upside for the last few trading session. The immediate support to watch for the index are 5540 /5495-5480 levels.In case the nifty closes below 5480 level; it is likely to continue its downward movement and could test the levels of 5430-5415 / 5380.
On the upside the index needs to sustain above the 5600, which would give some strength and a possible re test of levels of 5660 or even 5700 /5740.
Monday, July 18, 2011
MARKET OUTLOOK Nifty 18th July
The SENSEX opened the week on a bearish note and the index plunged to an intraweek low of 18326.42.Thereafter, the SENSEX spent the entire week trading in a narrow range of 18400— 18800 levels.The SENSEX finally closed the week at the 18561.92 levels with a cut of 296 points.
Clearly the immediate level to watch on the SENSEX is that of 18306 (marked in the chart above).It should be noted that 18306 is also the 50% retracement level of the rise from 17482 to 19131; hence we believe that the chances of SENSEX holding out here are by far the best.As of now there is not much evidence to suggest that the SENSEX has the weakness to break below this level, though in case of such an event, look for the downside movement to gain momentum to the levels of 18130-18030.
On the upside the SENSEX needs to sustain above 18680, which would give some strength and a possible test of levels of 18990 – 19130. A close above the 19130 levels could give a good upside spurt with likely targets of 19400 /19650 levels in the short term.
Clearly the immediate level to watch on the SENSEX is that of 18306 (marked in the chart above).It should be noted that 18306 is also the 50% retracement level of the rise from 17482 to 19131; hence we believe that the chances of SENSEX holding out here are by far the best.As of now there is not much evidence to suggest that the SENSEX has the weakness to break below this level, though in case of such an event, look for the downside movement to gain momentum to the levels of 18130-18030.
On the upside the SENSEX needs to sustain above 18680, which would give some strength and a possible test of levels of 18990 – 19130. A close above the 19130 levels could give a good upside spurt with likely targets of 19400 /19650 levels in the short term.
Thursday, July 14, 2011
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.
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.
Wednesday, July 13, 2011
MARKET OUTLOOK Nifty 13th July
The Nifty opened the session with a negative gap on the back of negative cues from its global peers. The index spent the entire session trading in the negative territory and the selling pressure increased as the session progressed.The index registered an intraday low of 5496.95 levels and finally closed the session at the 5526.15 levels with a loss of 89 points.
In our previous updates we had discussed that the nifty could test levels of 5560 / 5515,once it closes below the important support level of 5600, and nifty did that thus meeting our downside targets.With today’s movement the index has closed near to its crucial support levels of 5495-5480 and hence a pullback from the current levels cannot be ruled out. Sustenance above the 5500 levels could see the index filling up its negative gap placed at 5580-5600 levels.
On the downside if the nifty closes below the 5480 levels;it is likely to continue its downward movement and could test the levels of 5430 / 5380.
In our previous updates we had discussed that the nifty could test levels of 5560 / 5515,once it closes below the important support level of 5600, and nifty did that thus meeting our downside targets.With today’s movement the index has closed near to its crucial support levels of 5495-5480 and hence a pullback from the current levels cannot be ruled out. Sustenance above the 5500 levels could see the index filling up its negative gap placed at 5580-5600 levels.
On the downside if the nifty closes below the 5480 levels;it is likely to continue its downward movement and could test the levels of 5430 / 5380.
Tuesday, July 12, 2011
MARKET OUTLOOK Nifty 12th July
The Nifty opened the session on a bearish note on the back of negative cues from its global peers.The index spent the entire session trading in the negative territory and the selling pressure increased as the session progressed. The index registered an intraday low of 5601.70 levels and finally closed the session at the 5616.10 levels with a loss of 44 points.
The nifty did witness supply today; however it has also managed to hold the support level of 5600.In case the nifty closes below 5600, expect a bit more of corrective decline to levels of 5560 /5515 levels.Declines if any to these levels should be used to initiate long positions and traders should keep a positive bias as long as the nifty remains above 5500 levels on a daily closing basis.
Sustenance above the 5600 levels could see the index retesting the levels of 5700 /5740(200DMA).
The nifty did witness supply today; however it has also managed to hold the support level of 5600.In case the nifty closes below 5600, expect a bit more of corrective decline to levels of 5560 /5515 levels.Declines if any to these levels should be used to initiate long positions and traders should keep a positive bias as long as the nifty remains above 5500 levels on a daily closing basis.
Sustenance above the 5600 levels could see the index retesting the levels of 5700 /5740(200DMA).
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