Nifty makes Ralph.N.Elliott proud.www.jackpotcall.wordpress.com
How grateful I am to the “years of hard work” by this wonderful person, Ralph.N.Elliott that we could understand market movements at the darkest hour too.
How grateful I am to the “years of hard work” by this wonderful person, Ralph.N.Elliott that we could understand market movements at the darkest hour too.
STOCK MARKET AND NIFTY OUTLOOK FOR JULY 1st, 2010
Nifty still holding the broad trading range of 5200 to 5350 from few trading sessions. In the upside still 5400 of the major resistance. Closing above this may take up nifty future till the higher level of 5500 in near run.
Stock Options Snap
On the call options front we have seen addition of open interest at strike price of 5400, 5300 and 5500.
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| Support & Resistances for 01-07-2010 |
| 1-Jul-10 | Pivot Point | NSE | ||||||
China sold off yesterday as investors are creating liquidity for ABC IPO, worlds’ largest and most reasonably priced IPO. Europe sold off as 400 billion debt repayment due on Wednesday .US sold off due to weak economic data. Why should INDIA worry?
BANK NIFTY FOR TOMORROW – 30 JUNE
Following will be the Support and Resistance for trading for Bank Nifty.
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Even though it was expected that the Nifty Futures may test the resistance band, it was not to be ! The test of the resistance band had already happened on Monday itself ! In the last post it was stated that “all major market indices barring the Indian and the German DAX are trading below their respective 200 day moving averages at present and therefore, the market may fail in the test of previous highs.” On Tuesday the Nifty Futures opened lower at 5322.80 and traded steadily lower to reach a low of 5240.10 and finally closed at 5268.50.
Intraday Support for the market shall be 5200 & 5158.
While the market will experience resistance at 5300 & 5342.
Best Strategy shall be to:-
Buy above 5272 with Stop Loss of 5239
Sell below 5239 with Stop Loss of 5272
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