NIFTY SHORT TERM OUTLOOK

UPDATE JULY 2 , 2014----- SPOT ON UNMATCHED TECHNICAL ANALYSIS FROM TRENDZOFMARKET...NIFTY  CROSS 7700

HOPE ALL U REM  OUR UPDATE BELOW ON JUNE 21
 Question right now on every traders mind is : Whats  Nifty going to do?
Here we find to have an answer for that

Here’s the Nifty Daily Chart

As you can see in the chart – Nifty is in nice uptrend. Since last few days – it has made a base at 7490. With 20 day moving average at 7480 – it seems Nifty has strong support at 7480-7490. Technically – Nifty should bounce from here back all the way up to 7700.

WHAT IF?: Nifty decisively breaks down below 7400 and goes down all the way to 50 day moving average of 7130. Will that happen? Anything can happen. Geo-politics in Iraq and sharp rise in crude oil price can spark a sharp correction but remember we are in Bull market. All bad news is buying opportunity in Bull Market. Shorting in Bull market is dangerous and bad idea.

Right now – Traders will be hoping for a bounce from 7480-7490 back all the way to 7700 with a closing stop loss below 7460. Having said that, in markets anything can happen and one should be prepared for it.

FREE CALL: WILL IDEA BOUNCE BACK?

UPDATE 02/07/2014
 IDEA WOOW HIT 138.. PROFIT 16,000 RS---WAT AN IDEA SIRJIIIIIIII


NOW Why?: Because Idea Telecom stock is at 100 week ma
TRADING STATEGY BUY  IDEA FUT AT 130 SL 124  TGT 140-150  TIME FRAME 4-7 WEEKS
Here’s the Weekly Chart

​The Level of 150 now has become the resistance. Also, on downside – the level of 130 has acted as support for last few months. Interestingly, on weekly chart – this level coincides with 100 week ma. What this means?:
That if Idea stock has any chance of revival – this is the level from where it should bounce. For investors who like Idea – the level of 130 is good place to enter with closing stop loss below 124. In Short term, it seems Idea Telecom will bounce from 130 to 150..but if it fails, then Idea Telecom will go back to 100 again. Let us see what happens.