#55 Nifty Update

Bears and Bulls are playing See-saw!!!! But now i think bulls have taken the driving seat. NIFTY closed on Hill top at 5633 up by 92 points. It has closed above all the major resistance level except the one big 5663. One of the driving force for today’s market was the announcement of bail out plan of Greece yesterday which resulted in all global markets for positive move. On the result side AXIS BANK posted a rise of 27% on YoY basis at 942 crores. It was slightly higher then the market expectation which rose the stock by almost 5%. Just in was that CCEA has approved the Deal of RIL-BP and it will be recorded as the biggest FII deal in India. RIL is also going to post its quarterly results on monday and its expected to post quiet good results. So expect RIL to blast on ODIN screen on monday on both positive news. Technically speaking “Morning Star” pattern has been witnessed on Daily chart of NIFTY. NIFTY close has been above all the moving averages and bullish can be confirmed when monday close is above 5582. On triangle side major resistance is at 5663 on breakout of which you might see new highs. RSI and Stochastic are about to give a bullish breakout. Strategy on NIFTY for risk takers will be buy on Dips with SL of 5567.
NIFTY levels for 25th July:-
R-5657             S-5616
R-5705             S-5582
R-5740             S-5555
R-5806             S-5536

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