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Market Outlook  03 July 2015               some interesting links >

Nifty (8444.90, -8.15, -0.1%)

Very narrow range bound activity marked the action of the last trading session so far as the index movement is concerned. It showed that for the bulls the zone between 8469 through 8479 had been an insurmountable barrier while the range between 8440 and 8425 had been a rock solid support area. We need a break out above this zone or a breakdown below this zone for a directional move. In the event of market getting past firmly above 8480 then we can expect at least a test of 8526 or even higher if not close to or around the 8600-zone. On the downside, unless the index falls decisively below 8418—level there would be no major threat as such or any vulnerability. Below 8418, the level to watch out for would be located at 8356. A breakdown below 8456 on high volume activity would mean much lower levels to come.

  • Most critical zone for the day: 8469 – 8479 immediate resistance

  • Strong support: 8440 – 8425

  • Strong resistance: 8504 – 8526

  • Major support: 8380 – 8356

  • Major resistance: 8591 – 8612

Bank Nifty (18585.55, +3.95, +0.02%)

This index showed utmost indecision since the sentiment here was anything but strong. Either it moves up strongly to get past the last recent high of 18832 or else it should come down to test 18441 to reacquire the strength to move up further again. The above two levels are the most critical levels for the day. However, this time any serious breach above the 19000-mark would propel it to scale up to even 19500-levels shortly while a decisive fall below 18441 could take it to sub-18000-levels.
  • Most critical levels for the day: Nifty – 18415 – 18441 (downside), 18832 (plants a& leather)

  • Strong support: 18550 - 18441

  • Strong resistance: 18832 – 18888

  • Major support: 18071 – 17821

  • Major resistance: 19032 - 19153


Note (1): Either on the long side or on the short side if at any moment a counter is not moving beyond an initial or interim target to the final target book profits. Once initial target is crossed, you can use that as your trailing stop-loss level.

Rajat K. Bose
Notes (2): (please read).
* All prices relate to the NSE, unless otherwise mentioned.
* The Outlook is based on the previous trading day's price activity
* The call is valid for the next trading session only unless otherwise mentioned.

Stop-loss levels are given so that there is a level below/above, which the market will tell us that the call has gone wrong. Stop-loss is an essential risk control mechanism; it should always be there.


Book, at least, part profits when the prices reach their targets; if you continue to hold on to positions then use trailing stops to lock in your profits.


Don't chase a stock, if you are unable to buy a stock because it hits circuit levels on successive days, don't buy that.

* The analyst and his clients may or may not have positions in the securities mentioned above.
Trading involves considerable risk. Trade at your own risk to the extent you are comfortable. The analyst shall not be responsible for any losses incurred for acting on these recommendations.
Rajat K Bose

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