For the week starting from 2August, as we have been reiterating the resistance at 5465 level, that can be a formidable hurdle in the near-term which concludes that Nifty fut will struggle to move past 5465 level. In this week Nifty fut will face resistance at 5438-5465 level, if bulls manage to crossover from this levels and sustain above this, then it will open doors for higher levels of 5492-5575-5624. Consecutive close above 5465, can make Nifty fut shoot upto the higher levels, on the contrary failing to cross 5465 bulls might loose the strength and bear will come into action. However if Nifty fut reverts back from above given resitance level, then on lower side it has support at 5330 level, breaching below this and sustaining will make it slide down to the levels of 5255-5238-5170, any further slide below 5170 level will make the bears come into full action again and once again we can see Nifty going to lower levels of 5070-5044. All long/short positions must be hedged properly to save hard earned money, and leveraging on any one side must be avoided. As markets are showing volatility, members who are unaware of the market direction, are advised to trade with good short term investment stocks in order to earn profits.
We recommend all traders to keep a watch on 5330-5465 range for all their short/long positions. Looking at the current scenario, we can say that till Nifty is not breaking 5330 level on downside and trading above this level, bulls will be having an upperhand & markets will keep bouncing back from lows and so one can use dips to buy. Break below 5330 , will make the bears strong and will take charge over the markets. However, cautious approach must be there while trading in current markets, as the volatility and market movement can be sharp in coming days. So a wise trading strategy will be like- All uprise can be used for profit booking only, and not for taking fresh long positions and on downside one can keep buying till Nifty fut is sustaining above 5330 levels. Any major movement in markets will come only after, breaking the range of 5330-5465 on consecutive closing basis. One must not jump and do the trades in excitement in current markets, as aggressive trading in current market can lead to unexpected profit/loss. Watchout the markets cautiously and trade with strict discipline and stoploss. Dont try to speculate or time the markets. Simply trade on levels and mint money from both up-down movements of markets.
We recommend all traders to keep a watch on 5330-5465 range for all their short/long positions. Looking at the current scenario, we can say that till Nifty is not breaking 5330 level on downside and trading above this level, bulls will be having an upperhand & markets will keep bouncing back from lows and so one can use dips to buy. Break below 5330 , will make the bears strong and will take charge over the markets. However, cautious approach must be there while trading in current markets, as the volatility and market movement can be sharp in coming days. So a wise trading strategy will be like- All uprise can be used for profit booking only, and not for taking fresh long positions and on downside one can keep buying till Nifty fut is sustaining above 5330 levels. Any major movement in markets will come only after, breaking the range of 5330-5465 on consecutive closing basis. One must not jump and do the trades in excitement in current markets, as aggressive trading in current market can lead to unexpected profit/loss. Watchout the markets cautiously and trade with strict discipline and stoploss. Dont try to speculate or time the markets. Simply trade on levels and mint money from both up-down movements of markets.
Nifty Levels
- Resistance - 5438-5465-5492-5575
- Support - 5330-5255-5238-5170
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Stocks of the week
- Shakti Met-dor
- Shipping Corporation of India
- INOX Leisure
- UCO Bank
- TCI Finance
- GAIL
- EIH Ltd
- Resurgere Mines
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Intraday Calls for 2August
- HCL Technologies abv 393 tgt-397-402-405
- LIC Housing abv 1138 tgt-1150-1165-1190
- IRB Infra abv 293 tgt-300-304-310+
- Emami Ltd abv 458 tgt-465-470-477
- Also watch Sandur Manganese, Kopran, Vijaya Bank, Amrutanjan.
For all trades, keep trailing your stoploss once the stock is above the buying price. Dont take delivery of any intraday call. Avoid spike buying.
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