#62 Nifty Update

That was nice opening by Duo i.e., NIFTY ans Sensex to new month of August. NIFTY gap up on account of Positive news from US and closed 34 points up at 5516. Yesterday night bill of increasing debt ceiling in US was passed by both the house. This was the driving factor for todays positive markets globally. Now 2cd August is the deciding day for the US treasury department but i feel good news are already discounted so might not see a boosting rally but if the treasury department declares Default then u may surely see bears running in the markets badly but chance of that are very much less. Indian economy is disturbed on the Illegal mining in karnataka. On saturday karnataka CM resigned due to this scam on papers. Adani Enterprise covered back almost 7% today as company announced some disclousre stating less operations at mines in Karnataka and as we all know Adani owns mines in Australia so its production won’t be hampered. On the other hand Telecom sector scripts are seeing new highs on the raise of tariffs but selected companies in some circles. Every month we have some or other scam coming out in India…Till what time will this continue??? Scams are hampering corporate growth…Arent they?? Technically speaking market has closed below all the moving averages and RSI and stochastic has shown some chance of covering while MACD is yet flat
over central line. A third consecutive Doji has been formed on NIFTY chart which is sign of indecisiveness for the markets between Bulls and Bears. So i suggest yet to be cautious on fresh longs until tomorrow.
NIFTY levels for 2cd August:-
R-5544             S-5508
R-5567             S-5472
R-5586             S-5442
R-5616             S-5406

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