Nifty and Sensex Technical Levels for 26th July '10
Nifty Support and Resistance and Trading Levels (26th July '10)
Nifty, today hold the higher levels & in the end closed on flat notes. Still technically its is looking well set to touch the mark of 5500, 5550 in near run. In the downside nifty has the vital support zone close to the levels of 5290 to 5300, until it make decisive closing below this support zone one should focus on long side in nifty future. Technical indicator like RSI is also showing some more strength in it. So we recommend that traders should go for buy on dips in Nifty Future for the targets of 5500, 5550.
Technical View on Sensex (26th July '10)
Sensex made a closing above the higher levels of 18050 to 18100, now the next resistance for it seems to be in the range of 18300 to 18350. In the downside the immediate support for it seems to be at the levels of 17850. Closing below this support zone may slip it till the lower levels of 17350 to 17400 in near run.
Technical View on Nifty and Sensex for 21st July ‘10
Technical View on Nifty
Nifty witnessed a correction from the higher levels & in the end closed near to the support zone of 5350 to 5355. In the downside the next crucial support zone seems to be around the levels of 5290 to 5300. Decisive closing below this support zone may drag it till the lower levels of 5200 to 5205 in near term. We recommend that until it close below 5300 one may go for buy on dips in it for the upside targets of 5450, 5500 in near term.
Technical View on Sensex
Nifty witnessed a correction from the higher levels & in the end closed near to the support zone of 5350 to 5355. In the downside the next crucial support zone seems to be around the levels of 5290 to 5300. Decisive closing below this support zone may drag it till the lower levels of 5200 to 5205 in near term. We recommend that until it close below 5300 one may go for buy on dips in it for the upside targets of 5450, 5500 in near term.
Technical View on Sensex
Sensex witnessed the correction from the higher levels, in near run Sensex may drag it till the lower levels of 17300 to 17400. In the upside the next key resistance zone seems to be around the higher levels of 18050 to 18150. Decisive closing above this resistance zone may further confirm up trend in the market.
Technical View on Nifty and Sensex for 20th July '10
Technical View on Nifty(20th July '10)
Nifty witnessed a range bound movement with negative bias & in the end closed in the red. In the downside it is getting good support close to the levels of 5350 to 5360. Closing below this support zone may slide it till the lower levels of 5300 to 5305 in short term. In the upside closing above 5450 to 5455 may lead it towards the higher level of 5500 in near run. For trading we recommend buy on dips until it close below 5350 for the targets of 5450, 5500.
Technical View on Sensex(20th July '10)
Sensex made a consolidation close to the level of 18000, in the downside the next support seems to be around the levels of 17300 to 17400. Closing below this support zone may drag it till the lower levels of 16900 to 17000 in near run. One might expect the more consolidation close to Sensex until it made decisive closing above 18150.
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.
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.
Technical View on Auto Sector Stocks (16th July ‘10)
Technical View on AMARA RAJA BATTERIES
Although the long term trend for the stock is bullish, but for short term its looking weak, it faces support at 191.5 and resistance at 198.30.
Technical View on TATA MOTORS
The stock faces resistance at 824, crossing of this level may take up the stock while it faces support at 785, crossing of this level may take down the stock.
Technical View on HERO HONDA
One can continue to go for sell on higher levels until it closes above 2025 its next support is at 1963. in downside the stock may slip till the levels of 1900.
Technical View on MAHINDRA & MAHINDRA
The stock has crossed our previously said support level, in downside it may slip till the levels of 598-595, with immediate support at 609.5 while resistance at 640.
Technical View on AMTEK AUTO
As mentioned, it is in bullish phase, one can go for buying on dips with strict sl at 169.
Nifty, Bank Nifty and Sensex for 15th July
Technical view on Nifty (15th July '10)
Nifty witnessed a correction from the higher levels & in the end closed in the red. The next downside support for it seems to be around the levels of 5340 to 5350. Closing below this support zone may drag it till the lower levels of 5290 to 5300 in short run. We recommend that traders should go for sell in nifty future below 5350 for the Target of 5300 for intraday trading.
Technical view on Sensex (15th July '10)
Sensex today witnessed a correction from higher levels, as in the last prediction we mentioned in our previous report that it is making double top pattern on long time frame chart, & might witness some correction till the lower levels of 17300 to 17400. Closing below this support zone may drag it till the lower levels of 16900 to 17000.
Technical View on Bank Nifty Future (15th July '10)
Bank Nifty Future is in the key juncture and the next crucial resistance zone seems to be around the higher levels of 10025 to 10050. Closing above this resistance zone may take up it till the higher levels of 10300 to 10350 in quick time. So one may initiate long position in it above 10050 with the Stop Loss around 9990.
Nifty Tips for next Week
Nifty Future in this week witnessed huge correction from the higher levels and lost almost 270 points in this week. The key thing is that it had reversed it’s trend. Due to the weak global cues the medium uptrend has come to an end. The last trading day of this week was highly volatile and uncertain due to the verdict of supreme court on RIL-RNRL gas dispute case. In this week we are expecting that the Nifty future could continue the selling pressure and we might see some more selling in it. Technical indicators like RSI and MACD both are indicating weak signals in charts.
Key supports & resistances for this week
Resistances:
In the upside 5105 & 5200 are the two key resistances for this week.
Support:
In the downside 4950 & 4820 are two good support levels.
Strategy for traders:
Nifty future is in the down trend and looking to continue this trend for a while. Sell on rise would be good strategy in it. We recommend that traders could initiate the shorts in Nifty future below 4950 for the Targets of 4825 to 4830 with the Intraday Stop Loss of 5005. Those traders who already shorts in it could hold it with the Stop Loss of 5105.
Stock Tips for the Week
Educomp Solutions
It made the upward trend line breakout and also trading very close to horizontal trend line breakout. As per candlestick charts pattern stock future is looking weak and might witness the huge correction from the current levels. We recommend short position in it for the targets of of 600 & 575. In the upside the resistance seems to be at the levels of 665 to 670 zone.
Commodity Tips for the Week
Gold:
Gold rallied on Friday to near a record high, posting its biggest three-week gain since November as investors cut exposure to risks stemming from Greece’s debt crisis and tumbling global stock markets. Gold futures rallied in afternoon trade to the firmest since December 4th as volatile equities and currencies prompted nervous anxious investors to buy gold. Investors piled into gold exchange traded funds and coins and bars, with bullion holdings in the biggest gold-backed ETF rising 20 tonnes on Thursday, the biggest one-day gain since February 2009.
Market Overview
COMEX gold is strong on charts and sustain above 1200 $ an ounce. Last week COMEX gold sustained above 1180$ an ounce, in the coming week 1226$ /1230$ an ounce will be a major resistance in gold. If COMEX gold breaks and sustains above 1230$ an ounce then it can move slightly upward and could come near 1240 $/ 1250$ an ounce. And below 1180$ an ounce can move slightly downward.
Strategy
For the next week traders can use the buy on lower level strategy if COMEX gold sustains above 1174 $ /1180$ an ounce by keeping the strict stop losses.
Major support for COMEX gold in the coming week would be 1175$ and 1150$
Major resistance for COMEX gold in the coming week would be 1230$ and 1250$
Major support in MCX gold is 17540 and 17100
Major resistance in MCX gold is 18180 and 18400
Copper:
U.S. copper futures ended up in extremely volatile business on Friday, as buyers moved in near the 300 level, a key technical area that will remain a challenge as European debt contagion fears linger.
Market Overview
As we mentioned last week COMEX copper below 300 did a low of 300.55, for the upcoming week 290 $/285 level can act as a good support for COMEX copper, if it breaks this level and sustains below it we can see 270 level.
Strategy
Copper is still bearish and for the next week one should use the strategy of sell on higher levels.
For the next week COMEX copper has important support of 300 and 285 and resistance of 341 and 356.
MCX copper has support at 291 and 282 and resistance at 334 and 350.
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