#63 Nifty Update

Ssssshhh!!!!! Markets brought silence amongst the trading room… NIFTY opened in red and closed at 5456 down 60 points after making low around 5433. Global cues are indecisive which is making market range bound. US debt ceiling has been raised but still many experts raise question that is this the end of recession??? It is difficult to come to the decision that market could rally from here. Europe crisis are still on edge as Greece are asking for more money. Someone has rightly said in last Forbes India  issue that all such countries have been addicted to demanding liquidity. More and more liquidity bail out you provide more and more lethargic they will become in making some strict change in their management which could improve the future of organization/country. Domestically most talked is Mining scam at present which is affecting steel companies. Now many other state are also going to inquire same issue with the mines within the region..Is this going to bring out more companies in this scam????? All the results of last quarter are just average or below average not making any investor smile. But e-commerce is the most growing stage of the sector. A research says retail industry is 500000 crore market while only 15000 crore of it is e-commerce so wide scope in such sector. Technically speaking daily chart has witnessed a “evening star” pattern which is a bearish pattern. MACD and RSI has given bearish crossover. Today NIFTY  achieved both my targets 5472 and 5442.. Nxt targets are 5380 and 5340.
NIFTY levels for 3rd August:-
R-5472             S-5440
R-5516             S-5380
R-5544             S-5340
R-5586             S-5320

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