GOOD MORNING!!!
INDICES SURGED TO THEIR HIGHEST LEVEL IN THE LAST 29 MONTHS IN THE LATE TRADE ON STRONG SERVICES DATA AND REVIVAL OF MONSOON RAINS IN THE CRUCIAL SOWING MONTH. IT STOCKS SURGED EVEN THOUGH THE ASAIN INDICIES WERE MIXED AND EUROPE AND US INDICES WERE TRADING IN MUCH NEGATIVE MARKET SPURTED HIGH INCH BY INCH IN A VERY SHORT SPAN AND GAINING AROUND 50 POINTS IN NIFTY FROM LOWS WITHIN SHORT SPAN OF TIME WITH HIGH VOLUMES. REALITY STOCKS TOO ROSE. BANKING AND METALS FELL. THOUGH THE MARKET WAS CONFINED TO A VERY NARROW RANGE BAND TILL AFTERNOON IT BROKE OUT FROM THE CHANNEL AFTER THE STRONG SERVICES ALONG WITH MONSOON DATA WAS RECEIVED. OVERALL HEALTH OF THE MARKET TURNED POSITIVE IN COMPARSION TO THE BREADTH OF THE EARLY TRADE.
TODAY, NIFTY LIKELY TO REMAIN IN A RANGE BOUND UNLESS IT BREACHES 5476 AND TRADE BUT ANY BREAK AND TRADE ABOVE 5476 IS A SIGN OF A BREAK-OUT FOR A NEAR TERM WHICH IS LIKELY TO TAKE NIFYT TO 5560 LEVELS ON HAS TO BE VERY CAUTIOUS ON THE BAND NIFTY IS TRADING, AS LONG AS NIFTY IS BELOW 5476 ONE CAN BE ON SHORTER SIDE BUT ONCE IT BREACHES AND TRADES IT IS VERY RISKY AND THERE WOULD BE LOT OF SHORT COVERING TO TAKE PLACE IF NIFTY CROSSES 5500 TOO SO STAY CAUTIOUS. ON THE NEGATIVE SIDE IF NIFTY TRADES BELOW 5430 THEN LIKELY TO DIP DOWN TO 5411 AND THEN TO 5380 LEVELS, OPPORTUNITY FOR SHORTS WILL BE VERY HIGH BUT ONE HAS TO WAIT FOR THAT AS THIS IS NOT THE CLEAR TREND FOR SHORTING.
NO RECOS FOR THE DAY
