NIFTY LEVELS AND MARKTE OVERVIEW : 29 JULY 2011

STOCK MARKET REVIEW 

CNX Midcap index was down 0.84% about while BSE smallcap index also lost 0.93%. The Sensex declined 232 points to close at 18200, while the Nifty dropped 61 points to close at 5486.

The broader index Indians lose third straight day because of weak global cues and U.S. lawmakers are closer to a deal to avoid default.

Today’s Nifty Top gainer were:

ITC with volume and changes 1, 62, 70,594 and 2.79 %

ACC with volume and changes 7, 17,149 and 2.62 %

RANBAXY with volume and changes 7, 35,737 and 1.95 %

Today’s Nifty Top losers were:

RELIINFRA with volume and changes 15, 78,674 and -4.37 %

JPASSOCIAT with volume and changes 1, 85, 73,275 and -4.22 %

IDFC with volume and changes 1, 37, 27,908 and -3.14 %.

Most of the day the decision was neither in the favour of bull nor of bear

but finally bear fragged the tug, tomorrow the market is again expected to trade on downtrend as no sign of hope is coming from the global market side

In upcoming trading session Nifty can be expected to follow down trend due to weak global market. It seems to be vary between 5400 -5565

TECHNICAL OUTLOOK:

BLUE STAR

BLUE STAR is going to announce its quarter result tomorrow. Script has traded in heavy volume before the result day. Shares closed the today’s session at 290. Support and resistance levels for the share for the next trading session are:

Resistance1-302,

Resistance2- 314  

Support 1- 282

Support 2- 274

ICICI BANK

ICICI BANK is going to announce its first quarter results on 29TH July. It has seen trading within the range of 1035 to 1010 on Friday. Expected levels for this script are as follow:

Resistance -1031

Resistance 2- 1045

Support 1 – 1005

Support 2- 995

NIFTY SPOT LEVEL
                                                                                                          

The Index opened up at 5,492.40 and finally closed at 5,487.75 rallying down 59.05 points (1.06%). The Intraday high and low of the day were 5,512.10 and 5,475.65 respectively.

The Nifty Futures made an down rally of 59.05 points or (1.06%). and finally settled at 5,546.80. The 30-share BSE Sensex was trading at 18,209.52 down 222.73 points.

The broader index Indians lose third straight day because of weak global cues and U.S. lawmakers are closer to a deal to avoid default.

Most of the day the decision was neither in the favour of bull nor of bear

but finally bear fragged the tug, tomorrow the market is again expected to trade on downtrend as no sign of hope is coming from the global market side

In upcoming trading session Nifty Spot Level can be expected to follow down trend due to weak global market trend. Seems to be strongly trades between 5440  –5530   in narrow perspective and in broad perspective it seems to be vary between 5400 -5565

SUPPORT AND RESISTANCE:

The Support and Resistance Zone for Nifty Spot levels would be

Support 1: 5440         Support 2 : 5400 

Resistance 1: 5530     Resistance 2: 5565

BANK NIFTY FUTURES

Bank Nifty Futures finally settled 10827 down by 189.

In upcoming trading session Bank Nifty Futures is expected to follow down trend if it strongly trades between 10700 –10930 is looking bearish in narrow perspective and in broad perspective it seems to be vary between 10570-11050

SUPPORT AND RESISTANCE:

The Support and Resistance Zone for Bank Nifty Futures would be 

Support 1: 10700        Support 2:   10570

Resistance 1: 10930   Resistance 2: 11050