NIFTY IN MONTH OF JULY,2013
Last month of June has given us two important points on the S&P CNX NIFTY chart:- LOW and CLOSE.
The low of approx. 5600 (5566.25) is an important level as we can see on the charts since 2010. As a resistance and as support since 2010. In the last three months Nifty has touched this level twice; in March and June; therefore formation of base around 5550-5600 is evident. We had a lower April though. Therefore for July we are affixing the lower range in the zone of 5550-5600. Any break of these levels in the month of July will take us to new lows for 2013.
Nifty for the month of June closed at 5842.2 ( around 5850). The 5850 levels is an important level because each time Nifty has crossed this level in last three years we have reached 6000 levels at least. Nifty’s momentum is on the up side while closing in June. Better, we watch 5900 instead of 5850 as the major resistance. Nifty above 5900 will be aiming 6035-6100 in July, 2013.