Intraday View For 29/07/13

Nifty: Resistance 5910-5920/5949/5970

           Support 5880-5870/5840/5805

 

Markets ended the last trading day of the week in red as investors  continued to sell equities on mixed corporate earnings. Nifty ended the week with a bearish close below last week’s low & major support of 5911 levels. Closing blw this level, certainly opens door for testing lower zones of 5805 in coming days, with immediate mid support @ 5840. Above, 5920 if sustains, Nifty may see some recovery till 5949-5970 zone. Traders may trade above this zone. But, we still maintain our view that, positional longs should be considered only closing above 5979. Nifty is expected to open marginal -ve in line with Asian market.

BankNifty performing in line. Below 10800, as mentioned, it tested 10400 zone. BankNifty support @ 10200-240 is expected to hold for now & small bounce till 10800-11050 can be seen. If support breaks, then main problem will set in technically.

Trade with levels.
Happy Trading.
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