#48 Nifty Update

Before starting my NIFTY diagnosis today i feel sorry for those who lost their loved ones in mumbai blast yesterday. This is the biggest shame to the government after 2008 attack. In the opening part of trading session market did responded to the blast and was weak for few
hours .But as soon as Inflation data was out market reacted positively to it because market has already discounted double figure inflation but actual was single digit so bulls were in favour. TCS just announced its quarterly result and its net profit beats the street expectation by 100 crs to 2380 but however EBIT margin was down by around 2% on QoQ. Bajaj Auto also announced its result today and PAT saw increase of 20% YoY at 711cr.But market expected 726cr so stock
was down. On the other side Revenue grew at 22%. Now coming to Market technicals, it resisted near the resistance level of 5650. Today it filled up the gap upto 5604 and closed below that at 5599. Now if the market closes below 5540 tomorrow then an “evening star ” will be
confirmed on weekly chart. I still recommend to sell NIFTY with the SL of 5700 and targets 5540/5472/5320/5200
NIFTY levels for 15th July:-
R-5630            S-5567
R-5677             S-5539
R-5700             S-5475

R-5749             S-5400

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