Pheewwww!!! NIFTY is trading in so narrow range that it has been very difficult for us to decide the direction of our investment. NIFTY closed at 5541 around the crucial retrenchment level (5539) of last rally. NIFTY made high near to 5578 and low at 5532 which were near to my mentioned levels. Earnings of the companies are disappointing this quarter. But Hero Honda posted growth of 13.5% over the YoY basis while it accelerated revenue by 33% on YoY basis which were slightly higher then street expectations. While Biocon reported loss of 9% to Rs.70 Crore. While HINDZINC announced its result today and it beats street expectation. Call of 150/160 Strike price of HINDZINC has seen huge addition so i recommend to hold the stock. Today, Brussels is going to held a meet to decide whether to bail out greece or not. So lets wait for the outcome of meeting which will decide the further movement of our markets. Technically speaking market has given close below 200 DEMA for 2cd consecutive day which almost confirms the bearish movement ahead. Market even closed below 5567 which was fibonacci retrenchment of last one year and 5555 which is 50 DEMA. MACD has shown bearish crossover and it is about to cut central line from above to confirm short position on NIFTY. RSI and Stochastic has also shown likness towards bears. Therefore tomorrow’s session will be important to confirm whether bears are winners or the match is still on.
NIFTY levels for 22cd July:-