Stiff Interest Rate hike by RBI & weak Global Markets led to sustained selling pressure in Indian Markets causing it to close almost at a weekly low. Global Markets including India would witness nervousness ahead of the August 2 deadline for US to raise the debt ceiling. Markets are not sustaining @ higher levels & distribution patterns are visible & hence avoid unhedged over leveraged positions.
Going Forward,
Nifty Fut faces crucial Trendline resistance @ 5565-5585 levels crossing & closing abv which further Momentum would lead to 5785 & 5890.
But, If fails to cross & sustain abv 5585, Will be in a trading range 5335-5585.
Strong support lies @ 5339-5345.
If breaks & closes below 5335, it may touch 5190 & 5076.
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Going Forward,
Nifty Fut faces crucial Trendline resistance @ 5565-5585 levels crossing & closing abv which further Momentum would lead to 5785 & 5890.
But, If fails to cross & sustain abv 5585, Will be in a trading range 5335-5585.
Strong support lies @ 5339-5345.
If breaks & closes below 5335, it may touch 5190 & 5076.
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As equity traders/Advisors We, our relatives and friends may have position in the stocks suggested by us. We are individuals and dont belong to any brokerage house or company. All Recommendations are based on technical and/or fundamental analysis and/or Personal observations.
Trading in stock markets involves risk . We give Recommendations, opinions or suggestions with the understanding that readers acting on this information take in to account all risks involved with market. Acting on the basis of views expressed here is the sole responsibility of the reader. No responsibility will be assumed by the authors for the consequences what so ever, resulting out of acting on these recommendations. The information herein, together with all estimates and forecasts, can change with/without notice depending on the Market Conditions
Happened Exactly as Advised !!
ReplyDeleteWeekly Resistance given 5565. Check the high 5557 !!! Could not cross 5565.
Effect 5550 --->> 5335 -->> 5180 & even lower till 5120 area.
Already cautioned in advance about reducing/hedging over-leveraged positions due to sustained selling pressure from higher levels & distribution patterns being visible.
Hope you are safe & enjoyed the View.