Very sorry! I could not update yesterday due to net problem, please bear with me. Thanks.
MARKER VIEW FOR TODAY
Today market closed positively and at resistant level. To my mind Q1 results and good monsoon are the driving factors for market. Let’s see what happens come week.
MARKET VIEW FOR THIS WEEK
I had given the trading range for nifty this week and today it exactly closed just below the resistant level. For this week two factors had led the market. One is monsoon and other is Q1 results. Monsoon turned positive and results too had been creating positive mood. In addition FM’s speech had fueled the market. However visitors should not forget that the gap had not filled yet, so this week rally should not be taken as a trend reversal rally. Any bad news could trigger downtrend.
MARKET VIEW FOR NEXT WEEK [20-07-09 – 24-07-09]
Again Q1 results and monsoon are the factors to be watched. BHEL, BHARTIARTL, RPL, RANBAXY and JETAIRWAYS results fall on next week. In these results, to my knowledge, I feel BHEL result might not beat market expectations, because IIP data numbers increased but capital goods contribution declined. So in thebeginning of the week, say couple of days, we might see tight range of trading, possibly negative and for rest of the days we might see some uptrend depending on the results. Still I am not bullish on the market and expecting profit booking at higher levels. By and large next week market would trade in tight range possibly positive.
NIFTY LEVELS [20-07-09 – 24-07-09]
TRADING RANGE: 4480 - 3920
SUP: 4313, 4240,4161,4116,3985, and 3850. RES: 4480.
MY VIEW FOR MONDAY
I feel for past trading session there was a continuous up move so we may see profit booking at higher levels on Monday.
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NIFTY LEVELS
Technically I feel there would be selling and nifty would trade in a tight range, possibly negative.
SUP: 4340, 4291, and 4240. RES: 4390, 4424.
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