An extract of Nifty View of Tuesday, July 14, 2015, suggested: “The intermediate support stands at 8452 mark. If there is not much supply, then Nifty can reverse from here for upside, instead of 8408 mark” and the low touched today was at 8442.
For Wednesday, July 15, 2015, the trend deciding point for Nifty for the day works out at 8404 mark. Thus any fall towards 8404 is to get supported here. A buying opportunity is to be exploited here, if Nifty sustains this mark and reverses from here, of course with a stop loss of thirty points. If this level is broken due to strong selling pressure, then Nifty is expected to move towards 8338 mark. But this is possible only if there is a sharp down move. On ascent, the level of 8542, the first weekly resistance point is the hurdle. In case of a sharp up move, the crossover of this resistance is to take Nifty to the next level of hurdle, which emerges at 8604 mark. The intermediate support stands at 8426 mark. If there is not much supply, then Nifty can reverse from here for upside, instead of 8404 mark. Again, the intermediate resistance stands at 8489 mark. If there is not much demand, then Nifty can reverse from here for downside, instead of 8542 mark.
| Karan Luhana Equity Expert, R K Broking |
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