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Market Outlook  05 August 2015               some interesting links >

Nifty (8516.90, -26.15, -0.31%)

While the markets are showing marginal weakness in Asia and the US market closed a little weak, the SGX Aug Nifty is trading with a gain of 7.50 points at 8543.50 albeit on low volume as we write this Market Outlook. Today, unless the Nifty is able to take out 8569 through 8574 resistance zone, we expect it to show some bit of weakness in that it would attract selling at higher levels. On the other hand, so long as the index does not fall below 8452 through 8448 support area, it would not be bearish either.

  • Most critical zone for the day: 8545 – 8569 - 8574

  • Strong supports: 8495 - 8483

  • Major support: 8552 - 8548

  • Strong resistance: 8569 - 8574

  • Major resistance: 8635 – 8659

Bank Nifty (18972.60, +57.90, +0.31%)

There is a bit of indecision among the bank bulls in the face of emerging supplies at higher levels especially after a strong rally in the PSU banks. Now, either it takes out 19065 or it falls sustainably below 18765 to give us a directional move; in between—within the 300-point zone—it would behave like a range bound counter. If it trades for most of the day within this 300 point band and then takes out the upper boundary it would just be that after a pause it is breaking out on the long side to scale up higher levels else if the opposite happens in that it pierces below 18765 then it may test 18679 through 18570 range. However, so long as it does not fall below 18389 today, it would not turn decisively bearish.
  • Most critical levels for the day: 19065 (upside) and 18765 (downside)

  • Strong support: 18855 - 18765

  • Major support: 18679 – 18570 - 18389

  • Strong resistance: 19050 - 19065

  • Major resistance: 190185 – 19310


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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