Nifty Update 14-July-2009

· Nifty Closed @ 3974, above its immediate & important support of 3960. Now next resistance for the nifty will be 4150 than 4280/4340.
· Technical indicators are showing further weakness on daily charts.
· Now, Nifty can drop till 3940/3860/3820 & only above 4150 it can move till 4280/4340/4380 /4440.
Nifty (Spot) closed marginally above its Pivot of 3965. Nifty closed at 3974. In short term we advise one should be cautious. RSI & MACD indicating further bearishness in short term. Because of negative global cues market start on negative note. Bears again maintained nifty to close below 4100 mark. Finally it was a mixed victory of Bulls & Bears. We are expecting that the bulls will try to extend their presence in next session. Last candle on the daily charts is Hammer indicating some bullishness in next session. Nifty should take support of 3960/3940/3860/3820 in near term & resistance of 4012/4050/4150/4280/4340/4385.

We advice Bears should hold short position in Nifty (Spot Levels) with strict stop loss of 4050. Bulls or high risk trader can create long position in Nifty (Spot Levels) near or above 3960 levels with strict stop loss of 3910 (bulls can try long again & again with strict SL).

Stock For Today:

Technical Call
Scrip STER
Price 583
Recommendation Buy
Stop Loss 575
Target 596/609/630