Saturday, 20 July 2019

Market Outlook


Outlook for Nifty future for week ending July 26, 2019 (weekly view): For the week ended 19th May, 2019, price witnessed a sharp fall on the last day of the week & closed at an Eleven week low, a consolidation break-down on chart is also seen. The price action suggests the intermediate trend to be weak, with the weekly trend deciding level placed at around 11527. Considering the intermediate trend & chart structure it suggests a sell on rise strategy for trend based traders. Any initial rise in price towards the zone of (11505-11530) likely to offer a shorting opportunity with stop placed above 11590 (which coincide with the 100-DMA mark on daily chart). The immediate support zone is placed at (11341-11320) & it is expected that on the event of initial fall in price during the week price likely to get arrested around the stated support. It is to be noted that price has the potential to move further lower (if supply pressure intensifies) to test its’ 200-DMA mark around 11150. Hence any contra buy around support should be done with strict stoploss basis.


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