NIFTY (7780):
- Nifty closed lower for the fourth week in succession and at its lowest weekly close in 10 weeks, clearly suggesting that a healthy profit taking has been taking place after it broke out above the 6400 mark during the month of March 2014.
- Since the past few trading sessions the index has been following weak global cues religiously, as there were no fresh triggers on the domestic front, as a result it drifted lower with its global peers, but closed slightly in the green on Friday last week.
- On the other hand, the index has shown some kind of respect to the falling trend line connecting lows of 7925 and 7729, as it has closed above the said trend line, in spite of making a low of 7723.85.
- Nifty has also respected its 100 Day SMA on a couple of occasions and if Nifty manages to hold onto it, then it can witness pull back towards 7930-7980 levels too
- The stock market remains closed on Thursday on account of Diwali Laxmi Pujan & again on Friday, 24 October 2014 on account of Diwali Balipratipada. However, the stock exchanges will conduct a special live trading session on Thursday, 23 October 2014, on account of Muhurat trading on Diwali. Trading will begin at 18:30 IST and will conclude on 19:30 IST on that day.
- Two key State elections results were announced in favour of the BJP yesterday, the party thumped to a majority in Haryana while emerging as the single-largest party in Maharastra, far ahead of its erstwhile partner Shiv Seva, or rivals Congress and BJP and the markets are likely to move higher .
- Prime Minister Narendra Modi on Saturday took bold steps to free the economy from the clutches of fuel subsidy by deregulating diesel and formalising the price formula for natural gas
- . Because of these two strong political developments, the SGX Nifty suggests clearly suggests renewed optimism in the markets, as it is trading higher by close to 120-130 odd points , indicating that a gap up opening is on the cards for the Indian markets.
- Today we can see both oppurtunities go long n short during intraday sessions Resistance at 7920-7935 range Supports at 7820-7780
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