The US markets are closed on Monday on account of their Independence Day (4th of July). The European markets traded lackluster in the absence of any cues from the US markets and closed in marginal losses.
In Indian Market, Nifty opened without much ado on Monday and traded with very low volumes due to “Bharat Bandh” called by all opposition parties against increase in petrol-diesel price hike, rate hike for all necessary items. The high-low range was also very narrow. However, it proved that the rate hike by the RBI has already been discounted by the market and consequently, some of the interest sensitives scrips even rallied mildly. Though the market trend is negative for the last three days in short terms, the market has not broken down below the support of the 30th June's low of 5225. This low is also supported by the 20 DMA at 5205 levels. As the market action has not been supporting the sell signal, the market may also stage a recovery during the next trading sessions. It may also be noted that the Indian market has stood like a rock at a time of all round losses in the Chinese and Western markets in the recent past.
Going by ‘Option-distribution’ pattern, Markets are likely to face a stiff hurdle in the range 5350-5400 of Nifty on the upside. Whereas, 5000~5100 levels for Nifty, may provide a very Strong ‘Support’ for markets on the downside.
To be frank, in SHORT TERM
, Nifty Futures is struck in a Triangle pattern on intraday charts, unless it breaks on the either side of it, we are in for some more consolidation in Nifty Futures.The downside support comes in at 5220 and a close below this level is required for Nifty Futures to test lower levels. On the upside, closing above 5320 area is required for the upside target of 5450–5500.NOTE:: I may not be available during trading hours on "jayfromstocktmarketsinindia.blogspot.com" due to my prior appointments. TRADE AS PER LEVELS AND WITH STRICT STOPLOSS. "HAPPY TRADING".
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