For the week starting from 9August, Nifty fut will face resistance at 5484 level. As we have mentioned the importance of this level in earlier week also, and you all must have watched the crash from 5483 level to 5421 level almost twice in earlier week, this week again the level of 5484 will act as crucial level. If market is able to give consecutive close above 5484 level, then we might see some sudden spurt once again in markets with a rally of 72-110pts. Crossover & consecutive close above 5484 level will charge the bulls for a upside till 5524-5552-5590+ levels.But one should not trade blindly, as all the upside will only after nifty fut is having crossover n consecutive close above 5484 level. Contrary to this upside movement,on downside Nifty fut have support at 5420 level, once this level is breached by bears with good volumes, then we will see markets further going downwards till 5390-5372-5340 levels. On lower side bulls have hopes till the levels of 5420, is not breaked on closing basis. If bears are able to breach & hold below this level, then bulls will gradually loose some strength and will come under pressure of bears & if bears are able to take markets below 5340 level, then we will see dead bulls all around with sharp downside of 100-240pts. In the meantime the more time Nifty fut trades below 5484 and is unable to cross this, the more it will become harder for bulls to cross it in coming days, so all traders must trade with levels and not with sentiments. At every rise investors must keep booking profits as upside is limited, & if started downside move can be sharp & fiery.
We recommend all traders to keep a watch on the range 5372-5484, crossover of this range on closing basis will decide the further trend of markets. All members are requested to trade with cautiousness and hedge their portfolio properly, as the markets will show ambiguous moves with high volatility in coming days. Trading blindly or emotionally might end up in losses. The current narrow range of markets, will be breaked very soon, so all long/short positions must be hedged properly.
We recommend all traders to keep a watch on the range 5372-5484, crossover of this range on closing basis will decide the further trend of markets. All members are requested to trade with cautiousness and hedge their portfolio properly, as the markets will show ambiguous moves with high volatility in coming days. Trading blindly or emotionally might end up in losses. The current narrow range of markets, will be breaked very soon, so all long/short positions must be hedged properly.
Nifty Levels
- Resistance - 5484-5524-5552-5590
- Support - 5420-5390-5372-5340
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Stocks for the week
- Transpek Industry
- Gitanjali gems
- Revathi Equipments
- ABC Papers
- DCHL
- Tata Chemicals
- REI Agro
- Glodyne Technoserve
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Intraday Calls for 9August
- Hinduja Ventures abv 453 tgt-465-482-510+
- Crest Animation abv 93 tgt-95.3-97.8-101
- Pidilite Ind abv 149 tgt-151-154-160
- Jindal Steel abv 628 tgt-632-638-647+
- Also watch Aster Silicates, MLL, Vishal retail, Educomp.
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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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