Nifty today looks okay above 5485
Buy Nifty above 5494 for targets of 5510, 5528 , 5547, 5566 SL - 5476
Sell Nifty below 5476 for targets of 5460, 5441, 5423, 5404 SL 5491
5472 and 5436 are the next valid but weak supports for Nifty. The market should move in a downtrend towards 5518
Markets did not take kindly to the protracted US debt ceiling negotiations as the risk of a default loomed larger with the approach of the August 2 deadline. Stocks in New York fell more than 4% with the Dow closing at 12,143 and the S&P500 finishing the week at 1292. It was a similar story in Mumbai as the RBI's surprise fifty-point rate hike on Tuesday only added to anxiety levels. The BSE-Sensex lost more than 2% closing at 18,197 with the Nifty ending the week at 5482.
The markets could be very volatile and sensitive. Please trade with very tight and strict stoplosses.
Buy Nifty above 5494 for targets of 5510, 5528 , 5547, 5566 SL - 5476
Sell Nifty below 5476 for targets of 5460, 5441, 5423, 5404 SL 5491
5472 and 5436 are the next valid but weak supports for Nifty. The market should move in a downtrend towards 5518
Markets did not take kindly to the protracted US debt ceiling negotiations as the risk of a default loomed larger with the approach of the August 2 deadline. Stocks in New York fell more than 4% with the Dow closing at 12,143 and the S&P500 finishing the week at 1292. It was a similar story in Mumbai as the RBI's surprise fifty-point rate hike on Tuesday only added to anxiety levels. The BSE-Sensex lost more than 2% closing at 18,197 with the Nifty ending the week at 5482.
The markets could be very volatile and sensitive. Please trade with very tight and strict stoplosses.
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