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Nifty gave a flat to negative opening taking cues from the world markets, the indices witnessed a gradual decline on sustained selling pressure at all levels. The markets ended the day below the 5300 levels closing around days lows.Nifty has failed to take support around 5300 and has gone below 38.2% of 5289 retracement from move from 5032 to 5448 and closed lowest in 15trading days. Today Nifty holding 5280 and crossing 5320 only positive move on higher 5365 & 5390 is possible, while Nifty failing to cross 5315 then lower levels of 5260 & 5220 becomes possible. Last day of derivative settlement so stock specific move can be possible with IT, CEMENT, FMCG stock to see positive move while Telecom, Metals to correct. Economic growth during the April-June quarter is expected at 5.2 per cent and the economy will continue to perform below potential for the entire year, research firm Moody's said.

MTECHTIPS:-SENSEX The SENSEX gave a negative opening taking cues from the world markets, and the index traded with negative bias, throughout the trading session. The market did not recover from intraday lows, and closed the session with sharp losses.Sensex has fallen below 17500 levels on a closing basis after breaking down from 17970 levels in the last 5 days. Today Sensex has to cross 17606 on a closing basis so as to make a possible up move towards 17800 levels. If Sensex falls below 17400, then a major correction till 17280 & 17120 cannot be ruled out as the derivatives contracts will be rolled over from august series to September series and there could be immense volatility. Sensex 17447 is 38.2% retracement from current move from 16598 to 17972 levels. MTECHTIPS:-BANKNIFTY
The Bank nifty witnessed a negative trading session, the index dipped sharply as the banking stocks lost heavily on sustained selling after the RBI announced its annual report. The banking stocks declined as traders who had taken up longs in anticipation of a rate cut, exited longs, putting pressure on the index. The bank index in last session has broken and sustained below the crucial supports of 10200, negative signal. If the Index slips further we may soon witness further downside in the Bank index. Any dip below the levels of 9850 will be a negative signal for the index and we may soon re-test the supports of 9700. The bank nifty will now face stiff resistance above 10200 levels, and if it manages to trade above these levels we may gain witness testing of 10400 and higher levels in coming days. The bank index is in an uptrend so any move below 10000 levels will negate the trend and open up lower levels in coming sessions.

The Technology index witnessed a session of profit booking, as the index dipped, but managed a close above 6100 levels. The levels around 6050 will act as strong support zones for the index, and if these levels are broken we may soon witness the index testing 5950 levels also. The CNXIT if manages to break out and sustain above the 6200 levels we may witness some pull

back testing the levels of 6300 in coming days, but stiff resistance is seen at current levels. And the outlook remains positive for the day.