#41 Nifty Update

NIFTY was as boring as a circus is for us now. NIFTY opened flat and made a high of 5651 and low around 5610 which was its range today for the market. Intraday players have no major play since last few session as market is consolidating in narrow range. But we have witnessed stock specific movements in the markets. Sugar sector is one of the outperforming sector in last week after the export limits were increased. BHEL was down yesterday on the news that government is going to disinvest its 5% stake from the company. China has increased rates by 25bps which might have effect on our markets tomorrow and we expect that we might see levels of 5570. Technical today a “grave stone doji” has been witnessed on NIFTY chart which suggest a bearish mood of investors. So I would suggest to sell NIFTY with a sl of 5700 tgt 5570/5506/5450.
NIFTY levels for 7th July:-
R-5657             S-5608
R-5700             S-5581
R-5731             S-5556
R-5750             S-5508

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