Nifty has rallied almost 5% in past 10 trading days and majority of the contribution comes from few stocks like RIL, HDFC Bank, TCS, HUL which rallied more than 10%.
Any profit booking or correction in these stocks will bring nifty down unless other stocks contribute for it uptrend.
So bearish on market for short term/medium term.
Outlook for this expiry:
Below 10970 T1 : 10934 T2 : 10906 T3 : 10865 (SL 11088 only if this hold decisively)
For August, the nifty may reach 10700- 10630 if downtrend starts/continues. If uptrend continues then nifty may reach 11300 - 11400
Any profit booking or correction in these stocks will bring nifty down unless other stocks contribute for it uptrend.
So bearish on market for short term/medium term.
Outlook for this expiry:
Below 10970 T1 : 10934 T2 : 10906 T3 : 10865 (SL 11088 only if this hold decisively)
For August, the nifty may reach 10700- 10630 if downtrend starts/continues. If uptrend continues then nifty may reach 11300 - 11400
Comment:
Target 1 reached