Wednesday, July 6, 2016

Nifty P&F (Wk 1207-1907) - Reached mid-term resistance line, profit booking to be expected

Recap:

Test of faith would have wonderfully worked, nifty bounced back from the channel bottom. While we expected 6750, it happened at 6800 itself. Nice 1400 pts movement from there.

Weekly Analysis:



Daily Analysis:



Summary:

Weekly chart has BrRL & expected profit booking in mid term.
Daily chart also coincides reaching the VPO.
Hence, profit booking is solicited in mid-term. Long-term outlook stays bullish though.

3 comments:

  1. Japan's Nikkei 225 dropped 2.96 percent, after earlier tumbling some 3.2 percent on the back of fresh yen strength. The Japanese yen, a safe-haven asset, traded at 100.71 against the dollar as of 11:04 a.m. HK/SIN, compared with levels near 103 on Friday.
    capitalstars

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  2. Asian stocks soared today tracking a near record finish at Wall Street on Friday as better-than-expected US June payrolls numbers signaled evidence that the US job market recovery remains firmly on track, a good omen for the country’s economy.
    capitalstars

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