Nifty View for the Week 6-10 July

Read this report on our website Bonvista Financial Planners 

 

Last week traded under the influence of news from Greece. World markets traded with mixed cues. Indian markets continued to move up.                                                                               

In coming week we are entering in new month and a new trading Quarter. 

Technical Overview: Last week Nifty made high of 8497 and low of 8195. A range of more than 300 points. In last post I had mentioned about resistance at 8490. Nifty is struggling near this resistance. Nifty last week could not be above this level. However Nifty has formed a Bullish candle to close last week. 

This make is us believe that Nifty can take either turn (up or down) in the week to come. 

I always say, markets can not run one way. We have seen one way (up) rally for last 16 trading sessions. Nifty deserves a dip before moving further up. However this dip can be a buying opportunity in Nifty futures. 

Nifty has its first resistance 8490 and next at 8643-8756. The new support emerges at 8356-8299 and at 8136-8048.           

Short Term (Few days to  a Week) : If Nifty breaks below 8424, it can move further down to 8356. Short term traders can sell Nifty on this breakdown. and Buy again at 8356.                                                            

Medium Term (Few weeks to a month): Buy Nifty near its support at 8356 for a rally of around 100 points. 

Long Term (Few months to Year): Last time I had mentioned about Quarterly closing. The quarterly formation on chart is neutral. This suggest us that market can continue with its up move in medium to longer term. This can be a buying opportunity on dips for traders. 

For more precise ideas on Nifty trading follow me on Twitter @Bonvista1

View on important Sectorial Indices: 

Bank Nifty: BANKNIFTY could not cross resistance of 18832 mentioned in last post. Expect BankNifty to take a small dip to 8432 before further moving up.                       

CNX IT is expected to trade sideways to negative in the week to come. Has support at 11100 

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For coming Week Bonvista Financial Planners Recommends: 

Last week target achieved in PTC (+10,200/-) and Entry not executed in PTC and ARVIND, Total Profit of Rs. 10,200/-.  

BANKINDIA (BUY): Buy BANKINDIA near 180.75 for a target of 190. Maintain stop loss at 175    

BAJAJ-Auto (SELL): Sell BAJAJ-AUTO near 2588 for a target of 2525. Maintain stop loss at 2612 

MARUTI (SELL): Sell MARUTI near 3999 for target of 3910 . Maintain stop loss at 4050 

Above prices are spot prices and profit/loss calculated with 1 Futures lot. Entry price is considered as opening price of next trading day (Monday). 

For any clarifications on these recommendations , you may mail us on bonvistaplanners@gmail.com