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Dear Friends,
It would be a misnomer if I say that Week on week basis Nifty closed down 3.3%. On Monday markets had moved up 1.6% and had consolidated in the upper band for next three days. The million-dollar question that remains unanswered is what is next in store for the Nifty. I personally believe that an inverse head &shoulder might get formed in Nifty. For the pattern to play out 4390 should hold on downside. See attached charts for more information on the same.
The last few days has been a trading nightmare for traders with no secular trend emerging and markets behaving in a manner that is not consistent with its medium term behavior. Overnight the Jobless claim data from the states have improved. Broadly two major trading ideas can be generated for the week ahead. The former to take longs if 4390 holds, the latter to take shorts if markets sustain below 4390. I strongly believe that the Monsoon effect on markets is another misnomer that was already in the public domain for a long time.
One more factor worth watching is that most of the banks that reported good set of numbers were backed by treasury gains. If monsoon maintains status quo, most of the Indian banks will see Bear hammering in days ahead. Agricultural loans might also start hurting the bottom line sooner then later.NIFTY SUPPORT:-4390,4250
Nifty resistance :-4582,4630
Bullish and bearish stocks Uploaded every day at
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TSR JULY SERIES REPORT.
PROFIT IN JULY 71519 = IN 1 LOT
REFER
http://www.future-friend.blogspot.com/
TSR INTRA NIFTY
PROFITS IN JULY 49150 (983 POINTS IN 1 LOT)
REFER
http://www.tsrnifty.blogspot.com/
TSR OPTIONS PLAN
PROFITS IN JULY 35417
REFER
http://www.tsroption.blogspot.com/
More then 78% accuracy in June series in Intraday calls.Check day by day sheet at http://www.smscalls.blogspot.com/ .
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