#45 Nifty Update

NIFTY slide’s down the road today to close at 5616. As expected NIFTY catches bearish mood for now. HDFC had announced its quarterly results after markets hours on friday and they were fairly good but slightly below the street expectations. On other hand IndusInd Bank also posted its quarterly results but they were extremely fine. They grew by 52% on YoY which is a positive sign for such small scale banks. On other hand Essar Oil has just posted results after market hours and it is out with a blast….around 400cr profit versus 70cr loss… As i had suggested to buy this stock, Keep a hold on this and you might see gap up opening tomorrow. Hindalco was down by almost 5% today as one of its mine was blocked by govt due to some compliance which hampered companies production. Now technically speaking today market confirmed “dark cloud cover” which was formed on last friday. Market is hovering around the crucial support levels of 100 and 200 DEMA. Tomorrow’s session will be a volatile session on either way but i still recommend to sell NIFTY with the Target of 5576/5508/5450/5340/5200
NIFTY levels for 12th July:-
R-5644             S-5580
R-5700             S-5563
R-5748             S-5546
R-5800             S-5476

Leave a Reply

Your email address will not be published.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