You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis for 10 July 2017: -
On 07 July 2017: FII Net Sold – 522.08 INR Crs: DII Net Bought – INR – 720.08 Crs
I am writing almost after two weeks. I gave a correction call and we
saw a low around 9450 and then market has bounced. All were in line with my
expectation. Thing is what is coming next. Well, as of now market seems to be
stable again. We can conclude that Nifty has tried its best to make a base
around 9450 and if that is so then correction may have been done. I am not
fully convinced as this call has yet to see confirmation.
We are in striking distance of 9710. My view is not to buy here. I will
rather wait to see how will it react above 9710 and then I will plan to
participate. I was away from market in past two weeks and hence I will take my
time before adding position.
I must be clear that it has saved important 9450 levels which have
saved market from any possible bigger correction. Shall we talk about range to
open in July? Market has not expended in June the way I was expecting. I have
two simple figure – 9200 will come first or 10000? I am sure 75% people will
believe for 10000 marks.
For today’s session, I am expecting market to open on stable note with
great possibility of hitting or making a newer all-time high. Technical support
will be at 9620-9600 levels with rock bottom support at 9570. Once it start
trading above 9710 with great conviction, market will talk about 9800.
I can say that first sign came from sectoral performance. Under
performance goes critical and hence I believe that some money may be pulled
from bluechip index too. Before you think that I am bearish then let me update
– I am firm on my target of 10000 on Nifty. This will just be the meantime
price correction which is a usual and healthy phenomenon.
Strategy for Nifty June future
– I have to add positions for myself but I like to wait and watch before
dealing after long vacation. It looks like above 9720 levels it can be in the
hand of strong bulls. Well, nothing goes easy in trading. Technical support is at
9630-9610. My call is buy the strength not the dip this time. Let us see how it
comes.
BANK NIFTY June future – I
have said for threshold support at 23000. It took a test and then bounced. In fact
this index was the key and suggested that this instrument can save market. It is
good to see that it has done with expectation. I am ignoring all news flow regarding
banking stocks and then also I can see that this index has great potential to outperform.
How much can we expect? Right now, technical support is at 23400-23300. On
higher side it can hit great levels like 23800.
