Expectations for the week: (Week ending July 27, 2015 -All Nifty levels refer to Nifty Futures) During this week as long as Nifty does not close above the level of 8573 mark, market is not expected to go up. This implies that the point of 8573 is a trend deciding point for the week. On Friday, July 24, 2015, Nifty closed at 8540, which is away from this trend deciding point. This suggests that nifty can move down to the first weekly support of 8478 mark. If this level of 8478 is sustained in the early part of the week and Nifty turns from this point or much before this point, then Nifty is expected to move towards the trend deciding point of 8573 mark. A further buying pressure here can take nifty up and can change the immediate trend to positive on the event of nifty closing above 8573 mark. If this happens then demand pressure will multiply and will take nifty to the level of 8654 mark depending on the force of demand. If Nifty is unable to cross this mark of 8654, then Nifty is quickly expected to slide towards 8573 mark and then on further selling pressure, it could break this trend deciding point. On the other hand, if selling momentum is strong enough to breach the first weekly support of 8478 mark, and if nifty closes below this 8478 mark, then further selling pressure can take nifty down to touch the level of 8396 or 8302 based on the supply pressure. Hence the point of 8573 will play a crucial role this week and will go a long way in deciding the forth coming trend of the market.
For Monday July 27, 2015, the trend deciding point for the day emerges at 8497 mark. Again the first weekly support stands at 8478 mark. On its down move Nifty is expected to take support around 8497 - 8478 band. If this level is broken due to strong selling pressure, then the next support is expected to emerge at 8431 mark. But this will be possible only if there is a sharp down move. On ascent, the first resistance exists at 8630 mark. A sharp up move can make nifty cross this level and make it reach to 8654 mark, the first weekly resistance. The intermediate support stands at 8507 mark. If there is not much supply, then Nifty can reverse from here for upside, instead of 8497 mark. Again, the intermediate resistance stands at 8571 mark. If there is not much demand, then Nifty can reverse from here for downside, instead of 8630 mark.
| Karan Luhana Equity Expert, R K Broking |
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