NIFTY View For Week 28 July-1 Aug
Last week Nifty broke all time
high of 7800 and touched new high at 7840. Last day of week, Friday,
has seen some selling pressure. Indices (Nifty and Sensex) are
registering new high, however many individual stocks have stalled their
momentum or begun with
the short term correction. Be stock specific, ready individual charts
carefully and trade accordingly. We have F&O expiry in coming week.
Technical Overview: The
short term resistance which we had mentioned last week was broken by
Nifty. With that movement Nifty touched all time high. Nifty is
continuously making higher top and higher bottom keeping intact its
bullish momentum. The good support for Nifty is in the range of
7700-7670. Weekly chart suggest possible higher moves.
Short Term (Few days to a Week) : Last
week Nifty nicely held support of 7445. Its been moving up since then.
Nifty is expected to trade choppy in the coming week. Avoid trading in
Nifty, be stock specific. On hourly chart a short term support emerges
at 7740-7715
Medium Term (Few weeks to a month): Daily
chart suggest some selling pressure at the top. We may expect choppy
market with negative momentum for next 2-3 days. The support is in the
range of 7700-7670. Clear picture will emerge on the day of Expiry. You may avoid trading till then.
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.
Nifty Trading View: Traders may avoid trading during the week. 
View on Sectorial Indices:
Sectorial indices seen under selling pressure are Metal, Media, Infra, Auto, Energy. However short selling may be done near resistance or should be avoided in stocks of these sectors. Pharma, IT and FMCG are offering buying opportunity.
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Recommendations of the week:
JUBLFOOD (Buy) Buy Jubilant Food near 1296 for Target of 1320. Maintain stop loss at 128
PETRONET(Buy) -Buy Petronet near 184 for target of 190. Maintain Stop loss at 181
SRTRANSFIN (Buy) - Buy Sriram Transport Finance near 860 for Target of 890. Maintain Stoploss at 842
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