Tuesday, 3 July 2018

Market setup for Tuesday- which side Nifty will break the Range?

Nifty closed with undecided directives but with Negative baise.

The Nifty continuously moving in a range though this month range is slightly wider comparing to previous month and shifted on lower side. Nifty futrue open at 10698 and made high of 10705 and given up it position to bear to get the dip till 10595 and later on gain in following up with European Market. International Market is continuously feeling pressure being chance of trade war is escalating day by day.

The index closed below 13-EMA, 5-EMA, and 50-EMA but still maintained the crucial support which is 100-EMA at 10,575.
As per Expert Nifty is oversold position, hence pull back from this level cant be rule out and other side nifty has closed with berrish pattern and continuity on same may lead to further support at 10523-500 following by 10430 and on the other hand key resistance levels are at 10727 and 10800.

Banknifty future closed at 26240 and below 26300 its continuously facing pressure and taking support at 26070 and next support at 25950 where as key resistance at 26440-60!

As per our observation and view Nifty and banknifty future will continue trading and consolidating in range for some time before taking fresh move on either side.

Foreign institutional investors (FIIs) sold shares worth Rs 1,205.12 crore, while domestic institutional investors bought shares worth Rs 366.94 crore in the Indian equity market

Stocks in news:

Dr Reddy’s Labs: Company announces launch of Repatha in India

Aurobindo Pharma: The firm has received USFDA approval for Ibuprofen OTC capsules. It is a painkiller drug.

Tata Power: Tata Power Renewable Energy commissioned 100 MW solar capacity in Andhra Pradesh

NCC: Gets four orders worth Rs 2,061 crore in June

Mahindra Lifespace: MD Anita Arjundar resigns, effective September 30

Hero MotoCorp: Total sales rise 12.9 percent at 7.04 lakh units against 6.24 lakh units (YoY)
stock market range bond