Technical View on Nifty and Sensex for 19th July ‘10
Technical View on Nifty (19th July ‘10)
Nifty is getting a strong support close to the levels of 5355 to 5370. Today overall, it was in the range bound movement in the market with high volatility. Nifty is still holding its up trend & may continue it. In the upside the next resistance seems to be around the levels of 5445 to 5455. Closing above this resistance may take up it till the higher level of 5500 in near term. We had already mentioned in our previous report that traders may go for long in nifty future with the Stop Loss around 5345 for the targets of 5450,5500. So for Monday session traders should focus on buy on dips in nifty future.
Technical View on Sensex (19th July ‘10)
Sensex is making a slight bearish pattern on long time frame charts. In the upcoming trading sessions one may expect the range bound movement to continue with negative biasness. But if it do not break the support zone of 17300 to 17400 in few trading sessions & hold it these levels then it may make some upside moves. Sensex may face the next resistance close to the higher levels of 18100 to 18150. Closing above this resistance zone may further confirm more hike in it & may take it up till the higher levels of 18300 to 18350 in near term.
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