In the July series there
was a tough fight witnessed between the bulls and bears. Bulls was trying to take nifty to
the level of 7900-8000, but was be unsuccessful & bears pulled nifty to the level of 7720-7610 level. Nifty faced so many ups & down throughout the July series. Nifty
July future begins with the level of 7600, Traders & investors was
expecting that nifty will touch 7900-8000 level; Most of the expectations are
running a little ahead of what the government can actually do in the mid-year.
Apart from the expectations the nifty was just oscillating around 7600-7850 levels.
The hurdles for nifty were 7672-7805, these levels were mostly faced by nifty July
future. Traders were expecting that after budget sessions market will get a
strong & positive direction, but still the movement of the market is not
strong.
The July series end at the level of 7722. Today 1 august,2014 was the first trading session
of august series, market was too much volatile; the nifty today made a
high of 7711 but at the time of closing it bounced back to 7602 level. While
analyzing the Daily Charts of “Nifty” We found that the Nifty looks oversold
and based on few Technical observations, we believe that nifty will touch 8000
level by the mid august. We had said at 7620 level, Nifty Spot could drift to
7400-7450 levels .Nifty Spot had made a low of 7422 on 14th July 2014. For
august series according to my view & expectations create longs at 7625-7670 levels in spot
with a Stop loss of 7595 in spot (Closing Basis) for targets of 7900-8000 by
mid-August.
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