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).
Tuesday, July 12, 2011
Monday, July 11, 2011
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.
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.
Friday, July 8, 2011
MARKET OUTLOOK Nifty 8th July
The nifty opened on a positive note and maintained its strength throughout the day.The nifty registered a high of 5737.15 and closed very near to that level at 5728.95, a total gain of 103.50 (1.84 %) points.
With today’s movement the index has given a breakout above its declining trendline resistance placed at 5700-5720 levels. This breakout suggests that the index could advance to the levels of 5800 / 5850 /5900 levels in the coming trading session, if it sustain above the 5700 levels. Any pullback from the current levels is likely to garner support at the 5700 / 5670/ 5630 levels.
The Nifty is likely to gain further momentum once it trades above the 200 Day moving average placed at 5744 levels.
With today’s movement the index has given a breakout above its declining trendline resistance placed at 5700-5720 levels. This breakout suggests that the index could advance to the levels of 5800 / 5850 /5900 levels in the coming trading session, if it sustain above the 5700 levels. Any pullback from the current levels is likely to garner support at the 5700 / 5670/ 5630 levels.
The Nifty is likely to gain further momentum once it trades above the 200 Day moving average placed at 5744 levels.
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