Created: Friday, 22 July 2016 18:07
Nifty started the week with cautious note just before the start of monsoon parliamentary session with keeping eye on progress of some of the important bill like GST. Most of the trading session for the week market remained volatile and trade in a range . However, despite the volatility it manages to stay above the key level of 8500 is the key take away for the week. At the end Nifty ended almost flat at 8553 on weekly basis.
Market movement in coming week will depend on quarterly result announcement of some of major companies like Zee entertainment ltd, V guard industries ltd, Yes Bank ltd and Torrent pharmaceuticals. Along with this activities of Foreign portfolio investor after staying net buyers mostly this month is going to be key. Market is also expected to stay volatile in the week of expiry of future contract in coming week.
Technical setup of the market remained same after a lackluster trading week we have witnessed last week. Momentum indicators although slightly overbought, no signal yet visible, indicating market is topping out. Holding above the 8500 is going to be key for the market. Break below this level we may see short term correction to fuel by profit booking. However, mid term trend rating is still very strong as long as market remained above 8250. Overall its seems sentiment is extremely positive and we expect market to move higher after a short term pullback or consolidation.
Key support from medium term perspective is at 8500 and 8250. Resistance is at 8600-8620 level.
Created: Wednesday, 20 July 2016 18:27
Nifty opened in todays trading session with flat note following the mixed Asian market after the pulled back of US market from a strong rally it has witnessed last couple of days. However throughout the trading session market remained strong before closing at 8590 up by 49.65 point.
Nifty in its daily chart has formed a bullish candlestick pattern with strong real body. This indicates the low around 8485 is now becomes pivotal point for the short term. Now the he range between the 8480-8590 is the key for the market. Going forward a breakout above the 8590, market is likely to gain upside momentum.
Going forward a breakout above the 8590, market is likely to gain upside momentum.
Important support is at 8480 and resistance is visible around 8590-8610.
Market movement going forward will depend on mainly how the major company delivered their quarterly result. Which till date comes in expected line with no such significant deviation in either side. Other than Infy which delivered below the expectation. The movement of Dollar which hovering near to four month high against other currencies is also going to be key. Domestically how government negotiate with opposition on GST is going to one of the important factor to set the sentiment.