The NIFTY opened the session on a positive note and registered an intraday high of 5655.40 levels. The NIFTY witnessed selling pressure from the higher level which led it to decline to an intraday low of 5610.75 levels. The Nifty eventually closed at 5625.45 levels with a marginal loss of 6 points.
The index is consolidating in a narrow range of 5600-5700 levels for the last few trading session. With today’s movement the index has closed near to its immediate support level of 5600. Going forward if the index closes below this level, expect a bit more of corrective decline to levels of 5560 /5515 level. On the upside the index is likely to face resistance at the 5560 levels followed by the 5700-5710 level (declining trendline resistance).
Thursday, July 7, 2011
Wednesday, July 6, 2011
MARKET OUTLOOK Nifty 6th July
The NIFTY opened on a tentative note and remained under pressure for most of the day’s trade. The nifty
hit a low of 5612.30, before picking up momentum towards the end of the day. The nifty finally closed at
5632.10 with a loss of 18 points.
The nifty did witness supply pressure 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.
On the upside the index has immediate resistances at the 5700-5720 levels (declining trendline resistance).A close above these levels would see the index gaining momentum on the upside and could test the levels of 5850 /5900.
hit a low of 5612.30, before picking up momentum towards the end of the day. The nifty finally closed at
5632.10 with a loss of 18 points.
The nifty did witness supply pressure 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.
On the upside the index has immediate resistances at the 5700-5720 levels (declining trendline resistance).A close above these levels would see the index gaining momentum on the upside and could test the levels of 5850 /5900.
Tuesday, July 5, 2011
MARKET OUTLOOK Nifty 5th July
The NIFTY opened the session with a positive gap and registered an intraday high of 5679.65 levels. The NIFTY witnessed profit booking from the higher level which led it to decline to an intraday low of 5633.10 levels. The NIFTY eventually closed at 5650.50 levels with a gain of 23 points.
For the last two trading session index is witnessing profit booking near to the declining trend line resistance placed at the 5700-5720 levels. Going forward there is a possibility that the nifty might get a bit tentative or into some kind of consolidation in the range of 5700-5720 on the up side and 5500 on the downside before moving up further. The immediate supports for the index are placed at levels of 5600 /5560 /5515.
A close above 5720 levels would see the index gaining momentum on the upside and could test the levels of 5850 /5900.
For the last two trading session index is witnessing profit booking near to the declining trend line resistance placed at the 5700-5720 levels. Going forward there is a possibility that the nifty might get a bit tentative or into some kind of consolidation in the range of 5700-5720 on the up side and 5500 on the downside before moving up further. The immediate supports for the index are placed at levels of 5600 /5560 /5515.
A close above 5720 levels would see the index gaining momentum on the upside and could test the levels of 5850 /5900.
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