#53 Nifty Update

BINGO!!!!! NIFTY moved in my tune today. As i had mentioned NIFTY resisted near to 5650 (5645) which was my resistance level and took support near to my level of 5551 (5554) as mentioned in my last report. Nifty closed at important level of Fibonacci retrenchment at 5567 down by 46 points. Wipro announced its result today and net profit wsa up by 1% YoY. It beats street expectation of Rs.1327 crores net profit to Rs.1335 crores. LIC housing also announced its result and posted net profit growth of 21% on YoY. Poll estimated a PAT of Rs.287 crore while actual was Rs. 256 crores which means it couldn’t meet up the street expectations. Tomorrow Hind Zinc result is going to be out and i feel it would beat street expectations as the price and demand of Lead and Zinc has seen a spike last year and its new
business in rajasthan will post profits in this quarter for first tym but it we be risky so by it with strict SL. Technically speaking market has closed below a crucial level of 5581 which is 100 and 200 DEMA. It has not be able to give close above that level for any 2 consecutive days in recent past which is a bearish sign. 5567 being a crucial level next support is at 5555 (50 DEMA), 5539 and 5472. A confusing pattern is formed…. its a “tweezers Bottom” or a “bearish engulfing”…so if market is able to break 5551 then u may confirm a down side or with positive move in beginning hours then a upside move but bears are strong.
NIFTY levels for 21st July:-
R-5589            S-5551
R-5616             S-5539
R-5630             S-5506
R-5663             S-5472

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