NIFTY View For Week 11 Aug-15 Aug
An attempt by Bulls to break above on Tuesday was nullified by equally heavyweight Bears. Weak Global cues went against ongoing
uptrend. So the correction which was started in week ended on 1st Aug
resumed on Wednesday last week. Markets have seen selling pressure since then.
Technical Overview: Last week Nifty registered high of 7752 and low of 7540 to close at 7568. Nifty has support in the range of 7480-7420. The resistance area is 7650-7710. Largely the picture is of a small correction. If Nifty breaks 7400, we may assume levels of 7100 coming
Short Term (Few days to a Week) : On hourly charts Nifty finds support at 7530 and has shown symptoms of bouncing during last hours of market. We may see a bounce back to levels of 7640. The trend is down in very short term.
Medium Term (Few weeks to a month): On
daily charts Nifty has resistance in the range of 7650-7710. It may
bounce back to this level in early days of next week. The support is in
the range of 7450-7400. Long Term.
(Few months to Year): Bullish view is maintained. We have been writing about buying opportunities on dip. Do not be panic by small corrections. It’s a sign of healthy market. Buy on dips for long term investing. One such opportunity is on its way for long term investors.
Nifty Futures Trading View: One
can sell Nifty at higher levels near hourly or daily resistance. This
can give intraday move of 40-50 points. and 150-200 points move in 3-4
days.
View on Sectorial Indices:
Cautious
buying can be done in IT, Pharma and FMCG. Realty and Infra are
offering some short selling opportunities. However short only on a
bounce back.
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Recommendations of the week:
CIPLA (Buy) Buy CIPLA near 436 for Target of 445. Maintain stop loss at 432
DLF (Sell) -Sell DLF near 195 for target of 187. Maintain Stop loss at 200
HAVELLS (Buy) - Buy Havells near 1180 for Target of 1200. Maintain Stoploss at 1165
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