Mktviews Weekly Nifty Analysis (18/07/2011-22/07/2011)

Mkts shed 1.5% Last Week owing to poor IIP nos, fears of Eurozone Debt Crisis spreading to other Large European Economies & impasse over Debt Ceiling agreement in US.
Markets are trading in a tight range  & displaying reluctance to move above 5700  or even break 5500 with Selling pressure being witnessed on all rises & buying support emerging at lower levels resulting in Nifty to oscillate between 5500-5700 with Highest Open Interest built up in 5700 CE & 5500 PE.
Reduce Long Positions on rises till Nifty Fut does not close above 5690.

Going Forward,
Nifty Fut will face stiff resistance @ 5696-5715 levels crossing & closing abv which further Momentum would lead to 5835 & 5945.
But, If fails to cross & sustain abv 5715, Will be in a trading range 5477-5715.
Strong support lies @ 5480-5485.
If breaks & closes below 5477, it may touch 5365 & 5244.

Regards,
Team Market View Investments.
Mo : 9987750901.
Visit www.mktviews-nifty50.blogspot.com