WEEKLY ANALYSIS FOR WEEK ENDING 2ND AUG

SPOT NIFTY CLOSED THE WEAK AROUND 5886 EXACTLY AT 20 WEEK EMA & 34 WEEK SMA, AFTER BOUNCING OFF FROM THE  FRIDAY’S WEEKLY LOW OF 5869 THAT TOO EXACTLY FROM THE 20 WEEK SMA  WHICH TOO WAS AT THE WEEKLY PIVOT.  ALTHOUGH AFTER THREE DAYS OF SAVAGE FALLS FROM THE JULY MONTH  FULL MOON LUNAR CYCLE HIGH OF 6093 REACHED JUST A DAY AFTER THE FULL MOON OF 22ND JULY,  NIFTY NOW  CERTAINLY LOOKS FOR A RESPITE, BUT THE PRICE ACTION OF THE DAILY AS WELL AS THE WEEKLY CHARTS MAY ENCOURAGE BEARS TO HOLD THE TAILS OF THE BULLS, WHIP THEM  LEFT, RIGHT & CENTER TO CHASE THEM AWAY EVERY TIME THE BULLS ATTEMPT TO ENCROACH BEARS 40 POINT SPOT NIFTY ZONE BETWEEN 5960 TO 6000. WELL, THE BULLS NEED STEROID POWER FROM EXTERNAL SOURCES TO BREACH THE CRITICAL 5960 TO 6000 SPOT NIFTY ZONE & MORE IMPORTANTLY SUSTAIN ABOVE IT IN ORDER TO SURVIVE MARKET DROWNING MONTH OF AUGUST AFTER THE RBI GOVERNOR’S AS USUAL MARKET DROWNING ANNOUNCEMENT SCHEDULED FOR 31ST JULY.

IN THE WEEKLY CHARTS OF SPOT NIFTY, THE CANDLE OF LAST WEEK  HAS MADE AN OUT SIDE CANDLE SET UP WITH ITS PREVIOUS WEEK’S CANDLE OF WEEK ENDING 19TH JUNE. THE HIGH & LOW OF THE MOTHER CANDLE OF LAST WEEK AT  6093 & 5869 WILL PLAY A CRITICAL ROLE  IN DECIDING THE FATE OF THE COMING FEW WEEKS STARTING FROM MONDAY 29TH JULY. A DECISIVE BREACH AND CLOSE BELOW THE SPOT NIFTY LEVEL OF 5868 EVEN ON A DAILY BASIS IS GOOD ENOUGH TO ASSUME THAT THIS YEAR’S AUGUST MONTH IS GOING TO BE NO BETTER THAN EVEN ITS ALTERNATE YEAR AUGUST OF 2011 OR AT THE BEST THIS AUGUST MAY BE SIMILAR TO THE TYPICAL FLAT, DOJI CANDLE AUGUST MONTHS OF 2012, 2010,2009 & 2008. OPTION WRITERS MAY HAVE A DREAM MONTH OF AUGUST BY WRITING BOTH CALLS OF 6200 & 6100 ON RISE OF NIFTY  AND WRITE PUTS OF 5700 OR LOWER ON FALL OF NIFTY FOR GOOD GAINS DURING THE AUGUST EXPIRY ALTHOUGH A MONTHLY CLOSE MUCH BELOW THE CRITICAL LEVEL OF 5868 SPOT MAY TILT THE BALANCE HEAVILY IN FAVOR OF CALL WRITERS THAT SHOULD MAKE THE PUT WRITERS HIGHLY CAUTIOUS.

IN THE DAILY CHARTS, SPOT NIFTY’S FRIDAY CLOSING AROUND 5886 BELOW THE CROSS OVER OF BOTH 20 & 50 DMA SENDS DANGER SIGNALS FOR THE BULLS TO BE PREPARED NOT TO ALLOW  NIFTY SPOT TO CLOSE BELOW  5858 EVEN TOUGH INTRADAY FALLS CAN TAKE IT DOWN TOWARDS 5848  AROUND THE 200 DMA & ALSO 34 DMA  JUST BELOW THE DAILY PIVOT AT 5868 TO WEED OUT WEAKER BULLS & ALSO ENCOURAGE WEAKER BEARS TO BOOK SOME PROFIT.  WELL, IF THE BULLS SURRENDER THESE CRITICAL SPOT LEVELS BETWEEN 5868 TO 5844 THEN THEY HAVE TO SEEK THE HELP OF RESTING BULLS IN BATCHES INITIALLY AROUND THE 34 WEEK EMA AREA OF  5828  & NEXT AROUND 200 DAY EMA AREA OF 5790 WHICH IS JUST A STONES THROW FROM THE BIGGER DITCH AROUND 5760. THE 7TH NRB CANDLE HIGH OF 23RD JULY AT 6093 SPOT WAS A GREAT SWING HIGH FOR SWING SHORTERS TO HOLD THE SHORTS TILL THIS SWING HIGH OF 6093 IS STOPPED OUT. DAILY SUPPORTS & RESISTANCES FOR SPOT NIFTY ARE MENTIONED ON THE TWO HOURLY CHART OF NIFTY ABOVE, A DECISIVE BREACH OF EACH SUPPORT OR RESISTANCE IS LIKELY TO SEE THE NEXT LEVEL.

MARKETS FOR THURSDAY 25 JULY

NIFTY FUTURES OF AUGUST MONTH AT 45  POINTS PREMIUM IS HIGHLY VULNERABLE FOR FURTHER FALLS THAT WILL ENCOURAGE TRADERS LOOK FOR AN INTRADAY RISE OF SPOT NIFTY TOWARDS 6030 OR 6050 TO INITIATE SHORT POSITIONS IN AUGUST FUTURES. AS USUAL EXPIRY DAY OBEYS NO RULES & TECHNICALS. BULLS SHOULD CONSIDER VERY LUCKY IF NIFTY HAS THE EXPIRY CLOSING MUCH ABOVE 6000 & AT THE BEST ONE SHOULD NOT EXPECT ANYTHING MORE THAN 6060 FOR SPOT NIFTY . THERE IS M0RE LIKELY HOOD OF SEEING & HAVING THE EXPIRY CLOSING AROUND 5959 OR 5950 SPOT LEVELS.

INTRADAY TRADERS MAY SHORT NIFTY FUTURES IN CASE SPOT NIFTY FAILS TO BREACH AND SUSTAIN ABOVE 6020 TO 6025 SPOT ZONE  ABOVE WHICH ONE MAY EXPECT SHORT COVERING TO TAKE NIFTY SPOT TOWARDS  6030 TO 6035 ZONE FOLLOWED BY 6055 TO 6060 SPOT ZONE. SIMILARLY ON THE LOWER SIDE INCASE SPOT NIFTY CAN NOT BREACH THE INITIAL RESISTANCE OF 606020 TO 6025 THEN EXPECT BEARS TO AGAIN TAKE CONTROL OF THE SITUATION TO SEE WEDNESDAY’S LOWS OF 5962 SPOT BEING BREACHED TO SLIDE TOWARDS 5949 TO 5944 SPOT ZONE BELOW WHICH EVEN 5930 TO 5925 CAN BE TESTED THAT MAY FORCE THE BULLS TO THROW WHATEVER THEY HAVE TO SLIDE TOWARDS SUB 5900 TO HAVE AN EXPIRY CLOSING AROUND 5800. IN SPOT NIFTY 20 DAY SMA  HAD MOVED UP TO TOUCH 50 DAY SMA WHICH WAS TO BE A BULLISH SIGNAL  THAT MAY NOT BE ALLOWED  TO HAPPEN.

MARKETS FOR WEDNESDAY 24 JULY

NIFTY FUTURES OPENED ABOVE THE CHINA WALL LEVEL OF 6070 TO 6074 AND THE MOMENT IT REACHED THE GIVEN FUTURES LEVEL OF 6080   INTRADAY BUYING COUPLED WITH SHORT COVERING STARTED THAT PROPELLED NIFTY TO A DAY HIGH OF 6107 BUT ONLY TO FALL BY THE END OF DAY TO  CLOSE AROUND 6086 FUTURE LEVELS AFTER MAKING AN INTRADAY LOW  BETWEEN 6070 TO 6075 FUTURE LEVELS. FOR  WEDNESDAY 24TH JULY NIFTY FUTURE FACES THE VULNERABILITY OF A SLIDE TOWARDS TUESDAY’S LOWS OF 6070 INITIALLY, HOWEVER AS LONG AS 6065 TO 6060 FUTURE LEVELS IS HELD BY THE BULLS  NIFTY WILL AGAIN TRY TO MOVE UP TO RETEST TUESDAY’S HIGH OF 6107 .

FOR INTRADAY TRADING OF NIFTY FUTURES, OTHER THAN THE INITIAL ERRATIC MINUTES,  IN CASE 6065 TO 6060 DOES NOT HOLD THEN BEARS WILL BE IN FULL FORCE TO PULL NIFTY DOWN TOWARDS 6050, 6040 OR EVEN 6020 TO HAND IT OVER TO THE BULLS AGAIN FROM HERE ON . HOWEVER IN CASE 6065 TO 6060 HOLDS THEN NIFTY FUTURE MAY MOVE UP TO THE BEARS’ SHORT COVERING POINT OF 6112 TO 6115 FUTURE ZONE  AND IF 6112 TO 6115 IS DECISIVELY BREACHED  THEN IT  MAY SEE NIFTY FUTURES MOVING UP TOWARDS  6125 TO 6133 ZONE FOLLOWED BY EVEN 6150 FUTURE LEVELS TO GIVE A SLEEPLESS NIGHT TO THE SHORT POSITION HOLDERS WHO MAY WORRY AS TO WHAT WILL HAPPEN ON THE EXPIRY DAY. SIMILARLY A SLIDE BELOW 6020 FUTURE LEVELS MAY KEEP THE BULLS ON TENDER HOOKS FEARING FURTHER FALLS  ON THE EXPIRY DAY. AUGUST FUTURES WITH HIGH PREMIUM TO JULY ALTHOUGH IS A SIGN OF BULLISHNESS FOR NOVICE TRADERS, YET IT IS HIGHLY DECEPTIVE THAT TOO DURING THE  DEVASTATING MONTH OF AUGUST .

MARKETS FOR MONDAY 22 JULY

DURING THE WEEK ENDING 19TH JULY,  SPOT NIFTY CLOSED AT 6029 ABOVE IT’S PREVIOUS WEEK ENDING 12TH JULY CLOSING OF 6009. THIS WEEKS CLOSING AT 6029 IS ALSO ABOVE THE HIGH OF LAST WEEK’S HIGH OF 6019.  ALTHOUGH TECHNICALLY IT LOOKS LIKE A HIGHLY BULLISH SIGNAL FOR THE COMING WEEK, YET THE EXPIRY CONSIDERATIONS ON THURSDAY 25TH JULY POSSIBLY  MAY DAMPEN THE MEGA BULLISH SPIRIT OF THE BULLS WHO HAVING TAKEN NIFTY SPOT UP FROM MONDAY’S RBI TRIGGERED LOWS OF 5911 TO FRIDAY’S HIGH OF 6066, MAY LIKE TO TAKE A PAUSE TO INDUCE THE BEARS TO INITIATE  SOME SHORTING ACTION,  ONLY TO BE TRAPPED LATER  AFTER THE PAUSE IS OVER, THAT WILL FORCE THE BEARS TO AGAIN INDULGE IN SHORT COVERING TO TAKE THE MARKETS UP.

ALTHOUGH THE DAILY INDICATORS ARE SAFELY SAILING IN THE OVERBOUGHT ZONE, BUT THE HIGHLY BULLISH LOOKING WEEKLY INDICATORS MAY FORCE THE DAILY INDICATORS TO SLEEP IN THE OVERBOUGHT ZONE . ONLY THE HIGHLY OVERBOUGHT LOOKING INTRADAY INDICATORS MAY ATTRACT INTRADAY BEARS TO TAKE FULL ADVANTAGE OF IT BUT ONLY TO BE DISAPPOINTED TO  BURN THEIR SHORTENED  FINGERS  LATER IF THEY DON’T BOOK THEIR PROFIT IN TIME. FOR MONDAY’S INTRADAY TRADING OF NIFTY FUTURES, EXPECT DAMPNESS IN INDIAN MARKETS TO BE WEAKENED BY WELL COORDINATED SGX NIFTY AND SOME ASIAN MARKETS. CHINESE MARKETS AS USUAL MAY BE FORCED TO LOOK WEAK TO INDUCE DAMPENED SPIRIT FOR SOME OF ASIAN MARKETS ON MONDAY MORNING. EVEN IF THERE IS AN INITIAL RISE IN INDIAN MARKETS IT WILL MEET WITH HEAVY SHORTING IN CASE NIFTY FUTURE  AFTER APPROACHING TOWARDS 6060 OR TOWARDS FRIDAY’S HIGHS OF  6074 FALTERS IN BETWEEN & FAILS TO BREACH IT. IN CASE IT FALLS INITIALLY THEN THE CRITICAL  SUPPORT AROUND 6010 TO 6000 MUST BE HELD BY TO BULLS  TO AVOID SEEING A MASSACRE. ALTHOUGH SUSTAINING BELOW THE FUTURE LEVEL OF 6030 MAY BE THE GREEN SIGNAL FOR INTRADAY BEARS TO START THEIR SHORTING ACTION.

FOR MONDAY’S INTRADAY TRADING PURPOSE, NIFTY FUTURES FAILING TO SUSTAIN ABOVE 6030 CAN BE SUITABLY USED TO TRADE SHORT  FOR QUICK GAINS TOWARDS 6010 TO 6005 . IN CASE BULLS SHOW LETHARGY AROUND 6000 FUTURE LEVELS THEN BEARS CAN EVEN PULL NIFTY FURTHER DOWN TOWARDS 5989 TO 5985 ZONE BELOW WHICH 5970 TO 5966 IS A CERTAINTY. HOWEVER IN CASE 6030 FUTURE LEVEL  HOLDS AFTER THE INITIAL SGX INDUCED JERKY DOWN SWING BELOW IT, THEN EXPECT NIFTY FUTURE TO MOVE UP TOWARDS TESTING FRIDAYS INTRADAY HIGH OF 6074, ALTHOUGH BULLS NEED SUMO POWER WITH STEROID INJECTIONS TO REACH AND BREACH FRIDAYS HIGHS. EVEN AN APPROACH TOWARDS 6060 TO 6065 MAY ENCOUNTER STIFF OPPOSITION FROM HUNGRY BEARS. SUSTAINING ABOVE THE 6060 TO 6065 FUTURE ZONE MAY SEE FIRST SIGN OF WEAKNESS AMONGST THE  DISAPPOINTED  BEARS WHO MAY  INDULGE IN SHORT COVERING THAT MAY PROPEL NIFTY FUTURES TOWARDS FRIDAY’S HIGHS OF 6074. SUSTAINING ABOVE 6080 TO 6085 FUTURE ZONE MAY BRING IN THE 2ND BOUT OF SHORT COVERING TO EVEN SEE 6100 OR HIGHER FUTURE LEVELS TO PROVE THAT AT LEAST THE FULL MOON DAY WAS LUCKY FOR THE BULLS.

MARKETS FOR FRIDAY 19 JULY

NIFTY DURING THE WEEK SO FAR HAS MOVED EXACTLY AS PER THE CHART GIVEN ABOVE. AS WAS EXPLAINED FOR 18TH JULY, THE MOMENT NIFTY FUTURE BREACHED THE CRITICAL ZONE OF 5995 TO 6000 IT  SHOT UP LIKE A TRACER BULLET SURPASSING ALL OBSTACLES. AS WAS EXPECTED,  MASSIVE SHORT COVERING ALSO PLAYED A MAJOR ROLE IN SEEING NIFTY FUTURES TESTING  AN INTRADAY HIGH OF  6065 TO CLOSE NEAR THE HIGH OF THE DAY AROUND 6059. ALTHOUGH TECHNICALLY THE MARKETS LOOK ULTRA BULLISH FOR MUCH HIGHER LEVELS TOWARDS 6100+ FUTURE LEVELS ON FRIDAY, BUT REMEMBERING THE PAST PERFORMANCE OF NIFTY ON SIMILAR DAYS,  ONE CAN NOT RULE OUT AN IDEAL BULL TRAP HAVING BEEN SET UP FOR THE WEAKER HANDS WHO HAVE CARRIED HEAVY LONG POSITIONS. ALSO  BEING THE END OF THE WEEK , IT’S CONSIDERATIONS WILL ALSO THROW IT’S WEIGHT ON THE HIGHLY BULLISH LOOKING NIFTY FOR FRIDAY.  LAST FRIDAY NIFTY FUTURE HAD CLOSED AT 6020 AT THE HIGHEST POINT OF THE WEEK AND SPOT NIFTY HAD CLOSED AT 6009. A CLOSURE  OF NIFTY FUTURE ABOVE LAST WEEKS HIGH OF 6020 & SPOT NIFTY ABOVE LAST WEEK’S HIGH OF 6019  WILL EMPOWER THE BULLS WITH  MISSILE POWER NEXT WEEK.

INTERESTINGLY, SPOT NIFTY HAS CLOSED EXACTLY AT 6038 AFTER MAKING A HIGH OF 6051. ON MONDAY 15TH JULY, NIFTY SPOT HAD MADE THE DAY HIGH OF 6038 AND NIFTY SPOT ON THURSDAY HAS MADE A HIGHER HIGH FOR THE WEEK AND HAS CLOSED EXACTLY AT  MONDAY’S HIGH OF 6038 SPOT THAT THROWS OPEN GREAT OPPORTUNITY FOR THE BULLS TO PRESS ON REGARDLESS TOWARDS MUCH HIGHER LEVELS TO  CLOSE ABOVE 6038 SPOT, IN ORDER TO SEE THE COMING WEEK AT MUCH HIGHER LEVELS.  HOWEVER SHOULD THE BULLS FAIL OR FALTER IN  CONTINUING  WITH THE UP MOVE THEN THE BEARS WHO HAVE BEEN MERCILESSLY HAMMERED OUT OF SHAPE WILL SHOW THE POWER OF THEIR VENOM ON FRIDAY TO END THE WEEK ON A MODERATE NOTE. THE CANDLE OF SPOT NIFTY ON WEDNESDAY 17TH JULY WAS A PERFECT DOJI  WITH A HIGH OF 5989 & CLOSED ABOVE THE DAILY PIVOT. THE MEGA BULLISH CANDLE OF THURSDAY 18TH JULY’S  CLOSING AT 6038 THAT TOO HIGH  ABOVE THE DOJI OF 17TH JULY & ABOVE THE DAILY PIVOT IS TECHNICALLY ANOTHER STRONG SIGNAL FOR THE BULLS TO TAKE FULL ADVANTAGE OF ON FRIDAY.

FOR INTRADAY TRADING OF NIFTY FUTURES ON FRIDAY, IT NEEDS TO SUSTAIN ABOVE 6030 IN CASE OF AN INTRADAY DECLINE. FAILING TO HOLD ABOVE 6030 FUTURE LEVELS MAY EMPOWER THE BEARS TO TAKE REVENGE TO PULL NIFTY FUTURES DOWN TOWARDS 6015 OR EVEN TOWARDS SUB 6000 LEVELS TO TEST 5989. SIMILARLY ON THE HIGHER SIDE NIFTY FUTURES STAYING ABOVE THE CRITICAL LEVEL OF 6087 CAN PROPEL IT TOWARDS 6100+ TO 6105  LEVELS  INITIALLY, SUSTAIN ABOVE WHICH THE FINAL BOUT OF SHORT COVERING MAY SEE NIFTY FUTURES RIDING QUICKLY TOWARDS 6130 FUTURE LEVELS AROUND WHICH THE BULLS MAY DECIDE TO BOOK SOME PROFITS TO ENJOY THE WEEKEND. FAILURE TO TAKE NIFTY FUTURES ABOVE 6088  & FAILING TO SUSTAIN ABOVE IT MAY SEE THE BEARS COMING BACK WITH FULL VIGOR  TO SHORT OUT THE BULLS. OTHER THAN THE LIKELY BULL TRAP SET UP  OR SOME WELL COORDINATED & CAREFULLY  PLANTED MARKET BREAKING NEWS EVENTS, THE MARKETS TECHNICALLY LOOK EXTREMELY BULLISH FOR MUCH HIGHER LEVELS DURING THE REMAINING DAYS OF THE MARKET FRIENDLY MONTH OF JULY.

MARKETS FOR THURSDAY 18 JULY

NIFTY FUTURES AFTER THE INITIAL RISE FAILED TO BREACH THE GIVEN LEVEL OF 6006 THAT SAW MASSIVE SHORTING FROM AROUND DAY’S HIGH OF 5998 WHICH PULLED NIFTY DOWN TOWARDS   5944 FOLLOWED BY 5934 TO 5928 TO BOUNCE UP AGAIN TO CLOSE FLAT. ON THURSDAY ALSO EXPECT SIMILAR MOVEMENT IN NIFTY WITH A FLATTISH BIAS.

 IN CASE OF AN INTRADAY DOWN SWING, AS LONG AS 5940 OR MORE IMPORTANTLY 5930 HOLDS THERE IS EVERY POSSIBILITY OF A GOOD BOUNCE. A FAILURE ON THE PART OF BULLS TO PROTECT 5930 CAN SEE FURTHER SLIDE TOWARDS 5913 FOLLOWED BY EVEN 5898 FUTURE LEVELS. SIMILARLY ON THE HIGHER SIDE A DECISIVE BREACH OF 5995 TO 6000 FUTURE LEVELS SHOULD BE DECISIVELY BREACHED  FOR FURTHER UP MOVE TOWARDS 6024 FOLLOWED BY 6040 FUTURE LEVELS.

MARKETS FOR WEDNESDAY 17 JULY

NIFTY  AS PER EXPECTATION TOOK A WELL DESERVED PAUSE AND ANOTHER DAY OF PAUSE IN THE FORM OF A DECLINE TO RETEST TUESDAY’S LOWS CAN NOT BE RULED OUT. THE INTERESTING FEATURE OF THIS WEEK’S TRADING IS  THAT NIFTY FUTURE WHICH WAS AT DISCOUNT TO NIFTY SPOT HAS GOT A PREMIUM TO NIFTY SPOT DURING THE COURSE OF THE BIG FALL OF TUESDAY.

FOR WEDNESDAY’S TRADING OF NIFTY FUTURES THAT HAS CLOSED AROUND 5979 ON TUESDAY THAT TOO AROUND THE HIGHEST POINT OF THE DAY, ONE CAN TRADE SHORT IN CASE NIFTY FUTURE  MOVES UP INITIALLY  BUT ONLY IF FAILS TO BREACH AND MORE IMPORTANTLY SUSTAIN ABOVE 6006 TO 6012 LEVELS. 30 MINUTE PARSAR RUNS AROUND 6016 TO 6020 & IF NIFTY FUTURE MANAGES TO BREACH IT THEN THERE MAY BE MASSIVE SHORT COVERING TO CLOSE THE ENTIRE OPENING GAP OF TUESDAY TILL 6030 FUTURE LEVELS THAT MAY CONFIRM THAT THE PAUSE IS OVER TO RESUME THE UP MOVE.

HOWEVER IF NIFTY FUTURE FALTERS AFTER THE INITIAL JERKY MOVEMENTS OR  DURING THE PROCESS OF LIKELY SLIDING,  BREACHES & SUSTAINS BELOW 5949 TO 5944 ZONE THEN THERE IS EVERY POSSIBILITY OF IT SLIDING FURTHER TOWARDS TUESDAY’S LOW OF 5918 FUTURE LEVELS WITH A DECEPTIVE HALT AROUND 5934 TO 5928 FUTURE ZONE SUSTAINING BELOW WHICH MAY EVEN SEE 5909 TO 5906 FUTURE LEVELS BELOW TUESDAY’S  TRADING LOW OF 5918. A SLIDE BELOW 5900 CAN SEE THURSDAY 11TH JULY LOWS OF 5893 THAT MAY THREATEN THE CRITICAL CONFLUENCE POINT 20, 34 & 50 DAY EMAS AROUND 5868 FOLLOWED BY DAILY PIVOT AROUND 5858 FUTURE LEVELS DURING THE WEEK.

NIFTY SPOT 3 MONTHS DAILY CHART 5TH APR TO 12TH JULY(Click image to view larger)

MARKETS FOR WEDNESDAY 03 JULY

TUESDAY SAW  THE WELL DESERVED PAUSE TO THE 3 DAYS OF RISE IN NIFTY & AFTER THE INITIAL PAUSE OR A MILD PULL DOWN  ON WEDNESDAY NIFTY IS LIKELY TO RESUME THE UP MOVE . SO, LOOK FOR SOME INTRADAY CORRECTION TO BUY FOR GOOD GAINS. ALTHOUGH THE CANDLE OF TUESDAY WAS THE HARAMI  RED CANDLE ENGULFED WITHIN THE BIG GREEN CANDLE OF MONDAY, YET AS LONG AS MONDAYS LOWS OF 5822 SPOT IS NOT DECISIVELY BREACHED THIS TUESDAY BORN  HARAMI  MAY TURN OUT TO BE A SUPERMAN IN THE FORM OF AN INSIDE CANDLE OR A 7TH NRB CANDLE TO SHOW A REMARKABLE RISE ONCE  MONDAY 1ST JULY HIGH OF 5904 SPOT IS DECISIVELY BREACHED.

MARKETS FOR TUESDAY 02 JULY

MARKETS  LOOK HIGHLY BULLISH EVEN AFTER 3 DAYS OF  GOOD RISE.  JUST LOOK FOR AN INTRADAY DECLINE TO BOLDLY BUY & HOLD. GO LONG  BUT  HAVE STOP LOSS BELOW THE FUTURE LEVEL OF 5860 TO REVERSE FOR SHORTING BELOW 5860 FOR GOOD INTRADAY GAINS. NIFTY FUTURES FAILING TO HOLD 5860 CAN FALL TO 5838 AND A BREACH OF 5838  CAN SEE NIFTY FUTURES SLIDING TO 5816 FROM WHERE IT WILL MOVE UP AGAIN. SIMILARLY ON THE HIGHER SIDE IN CASE NIFTY FUTURE SUSTAINS ABOVE 5929 THEN IT CAN SHOOT UP TO 5949 ABOVE WHICH NIFTY FUTURE CAN EVEN TEST 5970.