Stock Market Trend 10-07-2014

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CNX Nifty

Synopsis
• Post an upmove from last week’s low of 7530 to 7800 zone, Index yesterday witnessed a sell-off post Rail Budget announcement & closed with a deeper cut of 2%.
• Going Forward, Till Index does not cross 7670-7675, can witness follow-up selling upto 7550 zone.
• If breaches & sustains above 7675, can rebound upto 7720-7740 zone.
• Daily momentum is in negative territory while Weekly momentum is in positive territory indicating Index to trade in a broad range of 7,550-7,740.
• Going Forward, Till Index does not cross 7670-7675, can witness follow-up selling upto 7550 zone. If breaches & sustains above7675, can rebound upto 7720-7740 zone.

Bank Nifty Spot

Synopsis

Post an upmove from last week’s low of 14,950 to 15,600 zone, Index yesterday witnessed a sell-off post Rail Budget announcement & closed with a deeper cut of 2%.
• Going Forward, Till Index does not cross 15,150, can witness follow-up selling upto 14,750-14,600 zone.
• If breaches & sustains above 15,150, can rebound upto 15,400-15,550 zone.
• Daily momentum is in negative territory while Weekly momentum is in positive territory indicating Index to trade in a broad range of 14,750-15,540
• Going Forward, Till Index does not cross 15,150, can witness follow-up selling upto 14,750-14,600 zone. If breaches & sustains above 15,150, can rebound upto 15,400-15,550 zone.

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