#39 Nifty Update

NIFTY was just left by 3 points to confirm a down trend as did Indian Team was left by just 3 wickets to win the series over West Indies. NIFTY opened on a gap and made a high of 5679 and then filled the gap with a low of 5633. NIFTY close again marginally up at 5650. Market is in a very confusing range. On upper side market has a resistance of 5745 (Fibonacci level of last one year retrenchment) and support of 5600 which is a 100 and 200 DEMA levels.Todays close was at 9 week High.  Auto Sales figure were out and they were fairly good and are expected to increase in festive season. U.S. Markets are closed today on account of their Independence Day. Monsoons are expected be lower then Normal which is acting as a big concern for the economy as a whole. Steel sector report of last week says to be cautious about the segment but as i said earlier before few weeks TATA steel is still a good buy for your portfolio for long term. Technically speaking stochastic is in overbought condition on daily chart while MACD is
about to pierce central line giving a buy call, so my view is to wait until it breaches the either level at 5600 or 5745.
NIFTY levels for 5th July:-
R-5688             S-5600
R-5700             S-5576
R-5731             S-5556
R-5750             S-5508

Leave a Reply

Your email address will not be published. Required fields are marked *