MARKET VIEW FOR THIS WEEK
I had told that this week market would have been trading in positive range but I was wrong. Only two days market had traded in positive and for rest of the days it had traded in negative. This week FII’s had sold hardly 2000 thousand crores. GDP estimation had reduced from what was given earlier, may be for this reason FII’s would have sold in the market, I feel so. In addition IPO might have sucked some liquidity. This week I expected a break out but had not happened. Let’s see what happens next week.
MARKET VIEW FOR COME WEEK.
For the past two weeks, last week and this week, market had been trading in a tight range and giving no clear direction. To my knowledge, in the weekly price chart, still waiting pattern or sideways trading continues. Based on this I expect a breakout or side ways trading for come week. Technically, in the weekly price chart, I expect an upside breakout for come week. However I would not say that FII’s would start buying from Monday itself; as they sellers for past three days the selling pressure might continue a day or two and buying may come. In Monday trade would nifty manages to close above 4570 levels then we might see an upside rally, I feel so. Generally, from past records of FII’s trades, if they had been selling for a week, they had been buying for the next week. Technically, in the August contract USD/INR currency price chart, I expect rupee to appreciate against dollar. By and large, technically, my view for come week is Bull Run.
MARKET VIEW FOR MONDAY
Technically selling pressure may continue and I suggest visitors to watch critical support 4420 and resistant 4570 levels and trade on their own. I unable to guess the direction for Monday.
NIFTY LEVELS
SUP: 4420, 4390,4340, RES: 4513, 4570, 4620.
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