Re: NSE 50 Nifty Support & Resistance Levels
For July 29
AMITBE said:
For July 27.
Tomorrow, before mid session it should cross and stay above 2314 for the strength to continue through the day, or can again get choppy.
A close of 2320 or there abouts would be a confirmation of strength.
The last two sessions, NIFTY gets a last minute rush to, but recedes from the point where the outlook could be clearly firm.
Yesterday it closed at 2303, a little short of the desired level, and the market this morning began the day looking rather lost, and soon dipped into the negative territory.
From there, after moving between 2304-2306 till quite late in the day, NIFTY just about brushed the important 2314 level mentioned yesterday and fell back to 2309 again. In the last half hour the rush came to cross the most important level of 2320 by a whisker, but then again fell back to close at 2319.
Just as I said yesterday, not bad, but 2323 would have been better.
On the up-side, with the results coming out strong for a lot of the important counters, the near term outlook for the market to make good progress from here seems extremely bright. And this is regardless of the intermittent corrections that are bound to occur.
The concern with the flat midcaps continues as most of the money is following to the largecaps. A lot of the midcaps seem to have been abandoned for now and may remain like this in the sessions ahead.
For tomorrow: If the strong trend is to continue, NIFTY has to cross the 2330 levels clearly, after the opening. If not, it could bounce back after dipping to the 2306-2311 levels back towards 2330.
For a really grand close, 2344 would be the level to die for.
Despite the Index heavy weights running up already, there is a fair chance for this to happen, or close to this, as tomorrow is the closing of the July Derivatives, and there is going to be more than a few short coverings.