Nifty opened positive but could not sustain above 7600 mark and after making a high of 7625, it fell sharply. In the afternoon session it fell below 7500 mark and made a low of 7447, finally it ended 7459 with a loss of 1.43%. The Advance Decline ratio was almost 1:6.
Now for short term Nifty has major support in the range of 7480 to 7440. The long positions can be held with stop-loss of 7440 on the closing basis. However, on the upside now 7800 – 7810 will play as an important resistance. Thus one should take fresh longs only above 7810.
NIFTY IMP. LEVELS FOR 14 JUL
Open: 7584
High: 7625
Low: 7447
Close: 7459
Support 1: 7395
Support 2: 7332
Resistance 1: 7574
Resistance 2: 7689
Now for short term Nifty has major support in the range of 7480 to 7440. The long positions can be held with stop-loss of 7440 on the closing basis. However, on the upside now 7800 – 7810 will play as an important resistance. Thus one should take fresh longs only above 7810.
NIFTY IMP. LEVELS FOR 14 JUL
Open: 7584
High: 7625
Low: 7447
Close: 7459
Support 1: 7395
Support 2: 7332
Resistance 1: 7574
Resistance 2: 7689
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