#52 Nifty Update

Surpriseeeeee!!!!! Thats what NIFTY gave to most of the investors after 12….Markets were trading in range bound session in first few hours and it was almost signaling a bearish view as it was not able to break the level of 5581 which ought to be 100 and 200 DEMA. But as soon as European opened in green our market recovered and was up by almost 60 points from yesterday’s close. NIFTY closed at 5613 above a crucial level of 5581 but it couldnt cut through 5630. We cannot yet say that market has caught bullish trend until it closes above 5670
for 2 days. Right now market is in a danger zone. Today we had many companies declaring their quarterly results. HDFC bank declared it result with a growth of 33% in profit on QoQ same period last year. NIM increased by 18% on YoY basis which was slightly above the
expected poll. Ashok Leyland on other hand didn’t meet up with street expectation and profit fell by 30% on YoY basis due to high material cost and margin pressure. And the most disappointing was the result of Cromp greav which almost fell (net profit) by 59% on YoY basis and margin squeezed to arnd 2.5% from arond 10.5%. Till now none of the companies have declared outstanding results so which is sad for Indian markets. On other hand Greek bailout is going to be discussed on Thursday at Brussels. Technically market is in critical position as bulls need 6 runs in 1 ball and on other side bears need only 1 wicket to win i.e, Bulls need 60 points for their favor and bears need a difficult 100 points downside.
NIFTY levels for 20th July:-
R-5630            S-5581
R-5650             S-5551
R-5670             S-5539
R-5700             S-5500

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