NIFTY had a teasing opening today.SGX NIFTY and all asian markets were positive so we were bullish on market but it happened the other way. Our markets open in red and remained red for all the day. Mine owning companies dragged NIFTY down because a bill is prepared which states that companies has to share the royalty with the people who are affected by the mining company. Quarter results are expected to be low due to higher input costs in month of april and may. Dark cloud cover has been seen on NIFTY daily chart and bearish engulfing pattern is seen in many frontline stocks like Reliane, ICICI Bank and AXIS BANK. Even a perfect Doji is witnessed on SBI chart. Therefore above mentioned all are signs of bearish trend in the market further. As I had been mentioning that 5748 is a crucial resistance , market has supported my point. So now my strategy is to sell NIFTY with targets of 5600/5576/5505/5450/5320/5200
NIFTY levels for 11th July:-
R-5685 S-5635
R-5700 S-5580
R-5750 S-5506
R-5804 S-5450
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