TODAY’S PERFORMANCE
Today nifty hit first resistant.
STOCK MARKET TODAY
Nifty closed above the critical resistant 4620 levels, volume was rather good but traded in a tight range. I expected a mild downtrend based on technical aspect but had not happened. FII’s were net buyers for 378 crore. Market breath was as same as yesterday.
STOCK MARKET TREND FOR THURSDAY
Tomorrow, august contract expiry and inflation data are the factors to be watched. For past three trading session nifty able to close above the critical resistant 4620, which signals a mild bull rally, but still summer crop deficiency and insufficient monsoon stems nifty further. As IMD report says that, next couple of weeks we may get good rainfall and would it happen, then the deficiency percent further come down. This is positive news. Would nifty able to close above the 4734 tomorrow then we may see to move near 5000 levels in September. However, for tomorrow trade, to my knowledge, I still feel nifty would have a mild correction. Let’s see what happens tomorrow.
FREE DAYTRADING TIP FOR NIFTY
Technically to my knowledge tomorrow there must be a correction and nifty should trade in negative region. I would suggest visitors to sell nifty only at higher levels and keep booking profits now and then.
SUP: 4670, 4620, 4570. RES: 4734, 4773, 4828.
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