10 July 2016

Indian Markets for the week July 11 2016 to July 15 2016

The nifty behaved throughout the week very much in expected lines and was unable to conquer the resistance of 8385 (as stated in our previous weekly post ) on closing basis. Unable to surmount the crucial resistance, it weakened somewhat.
The resistance for the week is at 8356 which the Nifty must conquer for bulls to come back into action taking Nifty to higher highs. The support is at 8107.
The day traders may go long if the Nifty trades above 8335 for a target of 8356. They may short the Nifty if it trades below 8320 to cover at 8275.
The short term traders may continue to short the Nifty in case of strength with stop loss at 8256.
The mid term investors may consider buying Kotak Bank at 732.15 and 725.55 in small quantities.
Disclaimer: The writers of this column do not personally hold any stock or position in the F&O market and do not intend to benefit in any way by publishing this column. The final discretion is that of the reader and we disown any responsibility for any loss incurred by the reader.
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