Sunday, August 1, 2010

NIFTY THIS WEEK
Nifty this week traded in a tight range with negative bias and closed below the 5400 levels. Volume was increased comparing to previous week. FII’s remained net buyers for all long week except one day. Technically in the weekly price chart an indecisive pattern had formed.
DOW JONES
Dow traded in a tight range with positive bias and managed to close above 10400 levels. Despite, below than the expected numbers, market reacted in a positive manner. Volume was as same as previous week. Technically in the weekly price chart an indecisive pattern had formed.
NIFTY NEXT WEEK
Global cues will lead the market next week. For past three weeks nifty had been trading in a tight range, would any positive news for market take nifty to 5600 levels. The 5383 and 5483 level would crucial levels to be watched for next week. To my knowledge my bias would be positive for next week.
DOW JONES
Had traders disappointed with the GDP numbers, would have sold in the market on Friday. However that had not happened. Based on this, in my perspective, I feel that traders have a bullish view on the market going forward. I had read in an article that, would the weekly unemployment data, which is released every Thursday of the week, beats the street expectation then market may move to higher levels. Dow has to surpass the 10600 for a bull run. Below 10000 levels we may see a huge correction.
Let’s see what happens next week.

NIFTY NEXT WEEK TRADING RANGE
FOR UP MOVE 5350 – 5600
FOR DOWN MOVE 5350 – 5100
NIFTY MONDAY
Global cues will lead the market on Monday. As FII’s were net buyers for past a few days, we may expect an up move on Monday. Let’s see what happens on Monday.
NFITY TIPS
BUY ABOVE 5385 T1 – 5410, T2- 5440, T3 – 5470 STOPLOSS – 5370
SELL BELOW 5370 T1 – 5340, T2 – 5305, T3 – 5280 STOPLOSS - 5385


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• Nifty daily outlook will given
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