Intraday View For 31/07/13

Nifty : Resistance 5770/5805/5845/5880

           Support 5730/5705/5670/5653    

Nifty continued its losing streak for the 5th consecutive session. RBI’s policy decision made the broader Index trapped into strong short selling mode which continued to hit lows, as Weak rupee triggers sell off in equity. As written yesterday, blw 5805, Nifty went on to test 5770 & lower zone.

Today, Nifty may open gap down with 10-15 pts. Immediate crucial support @ 5730, if breaches, then Nifty may touch 5705-5670 & further lower zone. Above 5770, short covering may be seen. But, it may again see selling pressure at higher zone of 5845-50 levels.

BankNifty has started to break crucial support & may enter another breakdown zone. But due to its oversold zone, aggressive shorts are not advised. Shorts should be taken on bounce-backs. Above 10600, short covering may be seen to take it towards 11050-11200 zone. Consecutive closes blw 10200, may further weaknen banknifty.

Trade with levels.
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