Stock Market Trend 15-07-2014 …

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CNX Nifty

Synopsis

• Post yesterday’s budgetary announcements, Markets reacted positively witnessing a sharp upside spike from 7500 to 7710 zone, however late afternoon selling pressure re-emerged from higher levels engulfing the entire rise & close marginally negative.
• Going Forward, Till Index holds 7500 zone, could rebound upto 7650-7670. Any move beyond 7670 would trigger a rapid short covering upmove upto 7750-7790.
• If breaks & sustains below 7500, can retest support zone of 7440- 7380.
• Daily momentum is in negative territory while Weekly momentum is in positive territory indicating Index to trade in a broad range of 7,500-7,700.
• Going Forward, Till Index holds 7500 zone, could rebound upto 7650- 7670. Any move beyond 7670 would trigger a rapid short covering upmove upto 7750-7790. If breaks & sustains below 7500, can retest support zone of 7440-7380.

Bank Nifty Spot

Synopsis

• Post yesterday’s budgetary announcements, Markets reacted positively witnessing a sharp upside spike from 14,650 to 15,350 zone, however late afternoon selling pressure reemerged from higher levels engulfing the entire rise & close 0.7% negative.
• Going Forward, Till Index holds 14,650 zone, could rebound upto 15,100-15,150. Any move beyond 15,150 would trigger a rapid short covering upmove upto 15,400-15,600.
• If breaks & sustains below 14,650, can retest support zone of 14,400-14,300
• Going Forward, Till Index holds 14,650 zone, could rebound upto 15,100-15,150. Any move beyond 15,150 would trigger a rapid short covering upmove upto 15,400-15,600. If breaks & sustains below 14,650, can retest support zone of 14,400-14,300

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