An extract of Nifty View of Wednesday, July 15, 2015, suggested: “On ascent, the level of 8542, the first weekly resistance point is the hurdle” and the HIGH of the day was at 8549.75.
For Thursday, July 16, 2015, the trend deciding point for Nifty for the day works out at 8472 mark. Thus any fall towards 8472 is to get supported here. If this level is broken due to strong selling pressure, then Nifty is expected to move towards 8406 mark. But this is possible only if there is a sharp down move. On ascent, the level of 8605 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 8669 mark, the second weekly resistance. The intermediate support stands at 8513 mark. If there is not much supply, then Nifty can reverse from here for upside, instead of 8472 mark. Again, the intermediate resistance stands at 8577 mark. If there is not much demand, then Nifty can reverse from here for downside, instead of 8605 mark.
| Karan Luhana Equity Expert, R K Broking |
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