We had predicted a trend change on the 24th of June 2 days before it actually happened. The market had closed with a bullish engulfing pattern on thursday followed by a 150 points shootup in Nifty.
This week the markets should react to a hike in diesel and LPG prices, the Greek debt concerns and US economic data. Taking the high of 5605 and low of 5195 the markets retraced back 23.6% and within another 3 trading sessions the market has covered and moved up to the 61.8% mark.
Option traders may assume short positions at 5520 levels for targets of 5430 -5350 and 5280.
Overall we are ot recommending any buying in this market. One should wait for the markets to come down to decent levels before initiating any fresh position.
Intraday call for monday markets may rally to higher levels - buy @ 5440 for targets for 5510-20
buy put options in case markets reach or touch higher levels of 5520-40
This week the markets should react to a hike in diesel and LPG prices, the Greek debt concerns and US economic data. Taking the high of 5605 and low of 5195 the markets retraced back 23.6% and within another 3 trading sessions the market has covered and moved up to the 61.8% mark.
Overall we are ot recommending any buying in this market. One should wait for the markets to come down to decent levels before initiating any fresh position.
Intraday call for monday markets may rally to higher levels - buy @ 5440 for targets for 5510-20
buy put options in case markets reach or touch higher levels of 5520-40
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