Review of markets - 6th July 2015 and Views for markets ahead

STAR - School of Technical Analysis and Research

Today, on 06/07/2015, Nifty Spot
OPEN HIGH LOW CLOSE
8386.15 8533.15 8386.15 8522.15
Big Gap-down Open and panic all-around, but one Clue Open = Low, indicated recovery possible later in a day and proved right.

    5HEMA 5LEMA 5CEMA B/BD S/SR
M 8601     8154     8443      BD     X
W 8447    8224     8398      BB     X
D 8479    8378     8461      BB      X

H 8495    8464     8488      BB     X

At Open, market had broken all supports, but market started recovering soon and once last support crossed upside, it took balance in favor of Bullish stance.

Now Supports are at 8495 - 8479 - (8461-64) - (8447-43).
Resistance is at 8601 - MHEma. 8472 is 100-dsma, which needs to be maintained at EOD.

Today, on 06/07/2015, Bank Nifty Spot 

OPEN HIGH LOW CLOSE

18488.35 18855.90 18417.35 18825.15

Big Gap-down Open and panic all around, but Nifty getting support near Open = Low, was major concern to bring back trend to track, as Gap was filled so soon in early minutes. 

       5HEMA 5LEMA 5CEMA B/BD S/SR

M 19000 17650 18581 BD          X

W 18609 17944 18466 BB          X

D 18681 18370 18639 BB          X

H 18752 18657 18734 BB          X

All levels suggest up-trend intact and we may see 19000 level soon. Week/Day/Hourly all in BUY mode with SL at EOD 18600.

Supports are at (18750-35) - 681 - 639 - 609. 

Resistance now eyed at 19000 - which is also MHEma. 

Jeetendra Mistry

Ahmedabad - @ 4 30 pm.