NIFTY INTRADAY:- 5TH JULY,2013
Some sort of restoration on S&P CNX NIFTY chart today! A bit of hope back for Bulls though the Bears know that the main battle is in the range of 5850-5900 in the war going on in the last five trading sessions. A pullback or a pushback is the millionaire dollar question for which the bears and bells are raging the war in the Indian Stock Market.
Continuing the trend from today’s trade on can take a long position from 5845 levels for a first target of 5885 and then 5900. The stop-loss for the long positions is 5825. I am by no means ruling out a trade above 5900.
The clean short for tomorrow is below 5830 levels with target of 5805 and 5790. The stop-loss for this trade is 5845-48. One can also get opportunities to short from levels of 5885 and 5900 intraday, with stop-loss around 5925 levels.
Bears would not throw the towel before Nifty closes above 5950. Tomorrow’s trading session will again be a test of Bull’s strength in Indian stock market. No question, that the FIIs will be the deciding factor. Will the selling pressure resume or fresh buying creeps in?