Nifty and Sensex for 16th July '10
Technical View on Nifty(16th July '10)
Nifty witnessed an overall volatile session after the flat opening in the morning. Overall it is holding the higher levels & maintaining the short term support of 5350 to 5355. Closing below this support zone may drag it till the lower levels of 5290 to 5300 in near term. We still recommended that traders may go for long in nifty future with the Stop Loss around 5345 for the targets of 5450, 5500 in near term.
Technical View on Sensex(16th July '10)
Sensex is consolidating close to the higher levels of 17900 to 18000. In the downside the next crucial short term support seems to be around the levels of 17300 to 17400. Closing above this support zone may drag it till the lower levels of 16900 to 17000 in near term. One may expect the upside consolidation to continue in the market for a while.
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