Our levels given on yahoo messenger worked very well and Nifty fut traded whole day in our given range of 4520-4610. Overall yesterday also markets traded in a flat manner and we saw bulls n bears fighting to take the charge.
On 29July, Nifty fut will face resistance at 4580-4610 level, for any upmove Nifty has to cross and sustain above this level. From last tw days you all must be watching that Nifty is unable to cross the level of 4610, and with each day passing the strength of market will be lost. So for any upmove markets must break the tading range of last two days. Once Nifty crosses 4610 level, then major resistance is at 4640 level, sustaining above this level, will make Nifty to touch higher levels of 4670-4730+ . On lower side Nifty has support at 4550, breaching this level, will make Nifty to slide down till 4520-4494-4455 levels. Nifty fut range for the day will be 4520-4610, breakout on eitherside will lead to sharp movement.
We recommend all traders to trade with cautious, as F&O expiry is coming and markets will be highly volatile these days. All long/short positions must be hedged accordingly. If Nifty is unable to cross 4610-4640, then get ready for a downtrend with sharp movement. So,in current scenario its better to book profits in longs at every rise till Nifty is unable to cross 4640. On lower side 4400 level will work as a sentimental level for bulls, breaking this can change market sentiments.
Nifty levels
Resistance- 4580-4610-4626-4640-4672
Support- 4550-4520-4494-4455-4415
Intraday calls
- Alstom power abv 536 tgt-540-544-547.5
- Reliance Infra arnd 1184 tgt-1205-1216-1240
- Sell Financial tech bel 1315 tgt-1300-1284-1270
- Sell ABB bel 715 tgt-706-700-690
- Also watch Renuka sugar,Halonix, Good luck steel, EID Parry.
For all trades,keep trailing your stoploss once the stock is above the buying price. Avoid spike buying.
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