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Friday, August 1, 2014

Nifty Overview

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Nifty opened almost flat and started trading in a narrow range of 7770 to 7790. But in the afternoon session, it broke this range downside and fell sharply; it made a low of 7711 and finally ended at 7721 with a loss of 0.90%. The Advance Decline ratio was almost flat.

We maintain bearish view on Nifty with the target of 7680, which is 38.20% retracement level of its recent upmove from 7422 to 7840. If Nifty fell below 7680 then it can even test 7631, which is 50% retracement level. On the upside, 7800 mark will play as an immediate term resistance; however one should take fresh long position only above 7840.

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