As we were telling you all Since Friday, and also mentioned in our wekly view, that dont get excited with the Union Budget. As the expectations with the budget were high, but the actual budget turned out to be flat, the markets tumbled down sharply. We were warning you since last weeks, that upide is limited and downside is much more, and now you all must have watched the result. Those who were following us, saved their hard earned money, but those who havent listened and were bullish, now trapped badly.
On 7 July, Nifty fut has support at 4115 levels, any breakover below 4115 level will lead to 4075-4040 levels. Nifty sustaining below 4040, will lead to 3900-3828 levels in coming days. Tomorrow on upside,Nifty fut will fce resistance at 4180, crossig this level with volumes,can stretch nifty to 4225-4248 levels. However, one should not use these pullbacks to create fresh long positions. Nifty range for 7July, will be 4115-4180, breakout on eitherside will lead to sharp movement.
Traders must keep booking small profits in intraday, as greediness in profit booking might lead to losses for them, dur to high market volatility. Investors can start accumulating fundamentally strong stocks at every dip from here.To maximise your gains, always use spread buying and avoid spike buying.
Nifty levels
Resistance- 4180-4225-4248-4265
Support -4115-4075-4040-4012
Intraday calls
- BPCL abv 446 tgt-449-453
- Tata coffee abv 202 tgt-204-207
- Sell RIL bel 1888 tgt-1880-1864-1853
- Sell Sun Pharma bel 1124 tgt-1115-1105-1089
- Also watch Fortis, GVK Power, Prism Cement.
For all trades, keep trailing your stoploss once the stock starts trading above buying price. Avoid spike buying.
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