As expected, last it week it was made a high 5705 but unable to cross 200 DMA 5750 and some profit booking were saw resulted it was made a low on Friday 5605. In the current trend, we may consider stiff resistance 5710-5750 and closing above this range will market can further and likely test 5900-6000 mark sharply. On the flip down side crucial support 5606, thereafter it will test 5505-5450, which is retracement of the recent rally from 5200 to 5705. As remain hold this level positive bias continue in the market Over all FIIS are continue in buying mode and they bought more than Rs. 2662 crores in the month of June..
Over all Indian growth story likely and any weakness or dip to buying opportunity for buying for quality stocks looking to prospective of 24-40 months and Nifty will test 7000 + in coming years.
TODAY: Intraday Nifty unable to hold 5705 and big sell off resulted in was made a low 5605, which is strong support base. As Friday trading indicate short-term up side trend is over. Intra day oscillators are deeply overbought and near the bearish zone. Hence at current level unable to move 5700 and some down ward bias/correction started once break 5063 level. Early break below will invite the expected correction negating the further gains. Today Magic No. ... 5603
The Greek Debt crisis solved and soften in Crude-price resulted a sharp rally in the last week resulted a whopping gain of 1100 points from18132 to 19031. In the last week good FIIs inflow and progress of the monsoon and again ready to begin poring over quarterly earnings of companies will effect the market. Index is continuing facing resistance 200 DMA 19160. In this week, we may consider resistance 19000 is a psychological resistance and decisively crossover will move further If failed to move past resistance, down side retracement level 18658-18581 then 18300 watch out.
TODAY: Last week some profit booking saw at the higher level resulted made a high 19031 and finally made low was made 18713. No today consider resistance 18851, down side below 18713 further weaknesses. Today Magic No. 18762.
BANK NIFTY STOCK MARKET :
Last week strong pull back was saw from the level of 10810 and made a high 11316. Overall trend is bullish. In this week consider support 11000-11100 mark and resistance 11500, Decisively crossover and close above may test 12000 mark. Overall trend is bullish and decline to buy side.
Today: Trend is up, down side support 11212, break and trade below it will test 11155, higher level resistance 11340-11360 remain below short-term down side.
Last week tremendous strength we saw and smart bounce back were saw. After made a low of 6428 it was made a high 6715 and finally managed to hold above 6600 range. As long as hold 6500 up move continue.