MARKET VIEW FOR THIS WEEK
This week RBI’s policy was main factor for market players and which was up to market expectation. In addition Q1 results for some companies was disappointing but overall it was a good one. Monsoon too was rather positive and this collectively contributed for nifty’s positive trading range for this week. On Friday nifty closed near the critical resistant 4655 and through out the week nifty managed to hold the critical support 4520 and at every dip there were buyers around the 4520 levels. By and large this week was positive and tight range trading week, in addition a breakout pattern had formed.
MARKET VIEW FOR COME WEEK
For come week I expect nifty would trade in a mixed range because I think IPO issue will suck some liquidity from the market. Again the Q1results will have its impact in the market which would take nifty to higher levels. This week market had closed above the June 5th close and based on this we may expect nifty to trade positive. Still 4520 levels is a critical support and 4655 levels as a critical resistant to watch. Let’s watch what happens next week.
MARKET VIEW FOR MONDAY
As Friday nifty managed to close near the resistant 4655 levels we might expect a up move and global cues should not be ignored. Nifty had expected to cross 4700 levels last week and had not happened as such I expect it might happen on Monday or within the week. IPO issue should not be ignored.
NIFTY LEVELS
Technically in the price chart a breakout pattern had formed and above 4655 levels we may expect a slight up move. I suggest visitors to buy nifty with strict stop loss 4583 levels.
SUP: 4615, 4583, 4520. RES : 4655, 4702, 4734.
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