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.
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.
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