#42 Nifty Update

NIFTY ‘s move was a unexpected one but a superb recovery. NIFTY closed almost 100 points up at 5729 to break out all resistance level. Now, 5750 is the biggest hurdle for the market which is a Fibonacci retrenchment level of last one year. SBI is coming up with the FPO of rs.20000cr in near future. One more country in EU has been fighting debt crisis which is Portugal. If Portugal government is not able to rescue itself then it could be problem global economies which may effect emerging markets such as India and China. TATA steel has been performing well in the market and its awaiting for a approval of a mining license which if granted will be beneficial for the company on cost of raw material. Quarter results are about to announce of all the companies and it is expected that IT sector will perform well and it is already discounted in the market with all IT shares accelerating faster then index in last 2 weeks. Wipro is expected to grow at least pace with regard to QoQ numbers. Government is going to auction the
3rd Phase of Radio license very soon. Technically market opened at the low of today and it moved on with the support of MACD and RSI’s bullish crossover. When open and low of any script and index is same it is a bullish sign. Now watch out for 5748 level.
NIFTY levels for 8th July:-
R-5750             S-5680
R-5805             S-5650
R-5872             S-5600
R-5936             S-5547

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