YESTERDAY CALL
Nifty hit the resistant levels but this I didn’t expected. I thought nifty would be traded in negative zone and I was wrong.
MARKET VIEW FOR TODAY
Today nifty closed above 4480 resistant level which I didn’t expected. For past six trading sessions nifty had been trading in positive zone.
MARE KT VIEW FOR TUESDAY
Tomorrow BHEL result to come, which I feel will lead the market. As I earlier said that the result will not beat the street expectation I feel tomorrow nifty will trade in negative zone. Even though monsoon turns positive still below normal level which is negative for market. Furthermore, to my mind, IPO’s are to come in near future which may create a selling pressure in the market. Based on the above said reasons I still feel nifty will trade in negative one tomorrow. I suggest selling nifty with stop loss 4515.
NIFTY LEVEL
For past two days nifty had increased nearly 275 points and volume is not that much encouraging. Technically in the price chart tough bullish pattern is formed I would not advocate visitors to buy nifty because without correction it has increased 500. In addition DOW JONES too had a continuous rally for seven days so today, I feel, it would end up in red and also remain in negative zone for this week. If my understanding is correct nifty would trade in negative zone tomorrow. For tomorrow trade I give sell call with stop loss 4515.
SUP: 4480, 4430, 4375, and 4340. RES: 4515. STOP LOSS: 4515.
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