Piplodwala Investment Consultants
 
     
  Daily Analysis   01-August-2014  
     
 

DAILY TECHNICAL ANALYSIS

 
 

Why market may continue to witness more selling and decline by another 4 to 5% in coming days?

Watch out for a break and close below 7647 Nifty spot and 15242 spot on bank nifty for a fresh declines to continue. We believe that there is a strong possibility of the above to happen due to

( 1) Overall corporate  earnings has been below expectations.

(2) Near term earning and valuation do not support present valuation AND MARKET LOOKS TIRED AT THIS LEVELS.

(3) We also noticed when market moved up stock prices swings both side sharply and volume increased and stock distribution seen.

(4) On a  chart  near term topping out pattern  visible.

(5) Global markets set to decline and particularly US is looking weak.

(6) No major trigger is expected from economy, corporate or policy fronts in next few weeks.

(7) Delivery  base volumes have declined in last few days when market rallied.

(8) And in coming days we may also see increasing some global geopolitical and economical concern.

However technically 7810 Nifty spot will continue to be a stop loss for shorts. Similarly 15742 bank nifty spot will be a stop loss for bears.

While we see markets in the correction mood in short term but we continue to remain bullish with a long term perspective as in coming days Indian economy will definitely improve and we advise all to buy selectively well performing stocks at every decline.

BSE SENSEX(25894):DOWN SIDE SUPPORT NEAR 25742-25523-25413. RESISTANCE TO UP MOVE AT 26000.

CNX NIFTY(7721): DOWN SIDE SUPPORT NEAR 7650-7630-7611 AND RESISTANCE TO UP MOVE AT 7750-7780.

BANK NIFTY(15267): DOWN SIDE SUPPORT AT 15242-15088-14920 AND RESISTANCE TO UP MOVE AT 15322-15464.

wishing you all happy trading day !

 
     
     
 
Piplodwala Investment Consultants
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   The recommendation given herein do not constitute an offer to sell or a solicitation to buy any of the securities mentioned, though all proper care has been taken while presenting the data. No representations can be made that the recommendations contained herein will be profitable or that they will not result in losses. Readers using this information contained herein are solely responsible for their own action. Information given here is obtained from the sources deemed to be reliable, but is not guranteed as to accuracy and completeness. The recommendation made here do not reflect the fundamental validity of the script, but is based on the theory of Technical Analysis.
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