#58 Nifty Update

NIFTY today showed condolence over the loss of INDIA at Lords ……NIFTY closed at 5574 down by 105 points…If NIFTY would have scored century yesterday at lords then it would have saved India but today it was of no use… RBI hiked rates by 50 bps which was the reason for the down fall. Maruti announced its result which was above expectations i.e., 566 crores profit against expectations of around 438 crores. While BHEL had announced results way below street expectation closing stock down 4% on the markets. JSW Steel just announced its result after market hours and it has beat street expectation with profit almost up by 33% (confirm figures on so stock might see a jump in opening session tomorrow. Technically speaking market for the 2cd time didnt confirm the breakout of Resistance line of the triangle which i mentioned on my sunday’s bulletin. NIFTY closed way below import supports of
5635,5616 and 5581(200 DEMA). Daily NIFTY chart has even seen a tweezer’s top formation today making it bearish chart. Even RSI and MACD has almost confirmed bears in future. So avoid any fresh position in stock until confirmation.
NIFTY levels for 27th July:-
R-5582             S-5562
R-5616             S-5540
R-5635             S-5500
R-5663             S-5472

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