It was the first instance of Nifty futures starting the series at a discount
Then when the 5348-5408 zone was considered safe, it made way all the way down to 5196 before starting its ascent all the way to 5655 on expiry day.
Way forward for July series
The crucial period is 4th July to 8th July where a rapid downward test can be expected. The other key dates are 15th July and 23rd July
Since we had 5 consecutive closes above 5408 in the last week of June, it is safe to assume that 5408 is the bottom for the next 3 weeks.
As of now, I would peg the upside for Nifty to be capped at 5690 on EOD basis for July series. The only scenario that would continue the bullish momentum is 2 consecutive closes above 5740 levels; this will imply a retest of 5890-5944 levels but the probability of this happening is 1%
Projected Path for July Series
Upto 4th July - move towards 5690 levels
5th July to 8th July - rapid fire correction with a visit to 5408-5440 levels
11th July to 15th July - retracement back towards 5550 levels
18th July to 23rd July - Flat sessions in the 5408 - 5532 zone
25th July onwards - expecting Nifty to kick off a rally and move back towards the 5690 levels
5 comments:
Hi Nagraj ji,
i really appreciate your this initiative,
mmb board has now turned into bhindi bazaar,
thanx sirji
regards
dan
Hi Nagraj ji..glad to have a place where in people can interact politely..its become a mess at mmb and esp for female boarders coz the language used there by this GUEST guy is obscene..any ways until that gets resolved..looking forward to interact with u here.
Nag ji, i was going thru ur post and considering that nifty is expected to show some down moves between 4th to 8th july..can u also give the bank nifty levels to watch out for during this period as well as july series..support n resistance..thanks a ton
regards
Nisha Dhannani
Great Initiative Nagaraj ji. Feel so happy after all the mess in MMB. I feel as if i covered all my losses in stock market :) :)
Thanks and Regards
Govind
Great Initiative Nagraj ji.
Looking forward for the charts you mentioned .
Many Rgds
Smita
Dear Nagraj ji
I am very happy to see you here..
Very good initiative.....
Good luck and God bless you........
Jeevan
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