Nifty last week (3rd July 2017 – 7th July 2017) round up- Nifty opened the week with gap up of 67 points and move down to hit low of the week near the 9543.55 but was able to take support at these levels to build on the momentum to reach the 9700 levels and finally managed to close the week near 9665 levels by gaining 135 points. Nifty for the third time reached 9700 levels and failed to cross the level which is acting as strong resistance.
Nifty July 3rd 2017 – July 7th 2017 Movement : Open : 9587.95 High : 9700.70 Low : 9543.55 Close : 9665.80
Nifty outlook for the Week (10th July 2017 – 14th July 2017) : Nifty forming bullish pattern and also snapping 3-week losing streak is showing the sign of positive momentum but failed to cross 9700 levels for the third and futures prenimum is not supporting this movement. Any strong closing above 9700 levels will take the market higher. We expect market to go into a consolidation period so its better to avoid taking directional positions till clear visiblity in the trend.
Nifty Negative signals : Nifty futures trading only by 2 points in the pernimum
Nifty Positive Signals : Bullish pattern and strong support near 9580.
Nifty Weekly Support : 9630,9520
Nifty Weekly Resistance : 9700
Nifty Expiry 27-Jul-2017 Range: nifty can move between 9400- 9800.
Nifty Long Term Positive Trend Reversal : 9160
Nifty 27 Jul 2017 Expiry Strategy: Sell Nifty Jul. 2017 9700 CALL @ 65.Total Premium Outflow of 65 hold with stop around 100.
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