Bulls, in the last lap of race, shows that they are in power. Last few sessions of last month were completely dominated by bulls. This should help us changing the perspective.
Technical Overview: Last week Nifty made high of 8549 and low of 8321. A range of around 230 points forming a bullish hammer. Nifty
has closed month of July as well as last week of July on Bullish note.
Formation of Bullish candles on weekly and monthly charts are indications of bulls being in control. The cycle on daily charts has changed to Higher Top and Higher Bottom. Unless there is a major negative news, Nifty should trade in green territory in Aug.
New support formation is in the range of 8400-8320. Next major resistance to Nifty is near 8800.
Short Term (Few days to a Week) : Buy on dips. Nifty can see some (down) pullback from current level. We have support at 8440 on hourly charts.
Medium Term (Few weeks to a month): If you are holding positions in Nifty either book partial profits or continue holding the same as per your risk appetite.
Long Term (Few months to Year): Nifty remains to be in bull market and be on long side of the market.
Bank Nifty: BANKNIFTY reaching
its intermediate (but weak) resistance near 19100. However the overall
set up is bullish and one should trade on long in Bank Nifty
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