NIFTY has been too indecisive to decide its further trend. Bulls and bears are on equal side i.e., Bulls have a morning star pattern on daily chart while bears have a unfilled gap and strong resistance of triangle formation. All the major moving averages are hovering around almost same levels as written on the graph. RSI is on 56 and Stochastic on 34 indicating a bull phase but MACD which is a wider view is indicating bears yet. On the Fundamental side, globally Greece is bailed out which is a good news but domestically none of the companies are posting good results. RIL-BP deal was passed on Friday evening which can be a good positive news for the Indian industry. But on 26th july we have a RBI policy review and its expected to may hike rates by 25bps to control the inflation. So now we have to wait and watch for the further move. Markets bull phase can be only confirmed if it closes above 5660 levels for 3 consecutive days in next week. So strategy for the NIFTY will be deferring from individual to individual. But do keep the above levels on the graph in mind while trading as they have been validated many times by market in last one year as you can notice.
No comments:
Post a Comment