How Market Behaves Today (3_07_2014) - A Research from Elite

LIFE TIME NEW HIGHS AGAIN – NIFTY CROSSES 7700, UPSIDE MOMENTUM REMAINS STRONG. PRE-BUDGET RALLY MAY CONTINUE WITH SOME PAUSE AND CONSOLIDATION; THIS MAY BE THE FINAL BLOW OFF RALLY FOLLOWED BY A STRONG CORRECTION

NIFTY AND BANK NIFTY MAY PAUSE, CONSOLIDATE AFTER THREE STUNNING DAYS OF GAINS. RALLY MAY WELL CONTINUE WITH MINOR TRADING RANGES IN BETWEEN.

• Trend is up in Bank Nifty. Prices remained inside its large trading range 14750 – 15700. Inside this range, prices broken and closed above to its short term resistance at 15400. Now a strong resistance comes at 15700 near its life time highs. A breakout from this resistance may give us another buying opportunity.
• Trend is up in CNX IT. Prices are trading very choppy from last 2 trading days. We may see a big move when this choppiness gets over. Traders should look for a buying opportunity in IT Stocks like HCL TECH, WIPRO, INFY, TCS and TECH M.
• Trend is up in CEMENT Sector. The Sector has seen a minor correction. After that prices formed a trading range. A breakout from this range may give us a buying opportunity in Cement stocks like ACC, AMBUJA CEMENT, INDIA CEMENT and ULTRATECH CEMENT. As of now ACC is outperforming the sector.

                                         CURRENCY TRACKER: [USD INR (Future Price): 59.92

     

   Short term Trend is now sideways in USD INR. Prices are trading inside a narrow trading range 59.90 – 60.60. A breakout from this range will give us a trading opportunity. Prices are now trading near the lower range. Take a short trade if price breaks below 59.90. Place your stop near 60.25 with a target near 59.10.

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