STOCK MARKET VIEW FOR THIS WEEK[17/08/09-21/08/09]
Again this week was a tight range traded week. FII’s were net sellers for hardly 3000 crores. To my knowledge I feel Monsoon factor had led the market. In the beginning of the week it was told that monsoon deficient nearly 30% and by the end of the week it was dipped to 26%. In the beginning of the week to almost to the end of the week FII’s were net sellers only on Friday FII had bought for 500 crores. This week nifty closed just above the July 29th close. Technically in the weekly price chart a tight range pattern was formed giving no cues for week ahead. By and large this week was a waiting move for a breakout I feel so.
STOCK MARKET VIEW FOR COME WEEK[24/08/09-28/08/09]
This week august contract expires. The important news to be watched this week, to my knowledge, would be any monsoon news and drought measures. Friday our fiance minister had announced that 246 districts are drought areas. The drought areas had increased from 177 districts already announced and it was negative for market. However monsoon deficiency had came from 30% to 26% was very positive news. In addition good news was within Sep 15 we may receive good rainfall. Drought measures are in serious discussion.
For past four weeks from now nifty was trading in a tight range or side ways. To my knowledge I feel only this monsoon factor stems nifty further. Only would nifty able close above 4620 levels in any week then we might expect a mild upward rally .To my knowledge I feel we can expect a break out at any week but the direction depends on monsoon factor, drought measures and global cues.
This week to my knowledge I feel the drought factor will lead the market. FII’s were sold nearly 2500 crores last week and I feel we might expect to be a buyer this week.We should watch how govt tackles this situation and its measures. Technically a tight range pattern had formed in the price chart and we should according to the news which comes out daily.
By and large I feel this week would be a tight range trade.
STOCK MARKET VIEW FOR MONDAY
Global cues and drought measures news and monsoon factors will lead market on Monday. As on Friday nifty closed, would global cues and other factors mentioned above be positive, then we may see an up move in nifty.
FREE DAY TRADING TIPS FOR NIFTY
Technically a bullish pattern had formed in nifty.4440 levels remains a critical support. Still I suggest visitors to buy above 4153 level with strict stop loss 4480.
SUP: 4480, 4440, and 4390. RES: 4570, 4620, 4655, 4702, 4734. STOP LOSS: 4480.
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