Nifty Futures: Intraday Tips for Today (20 July 2011)

The consolidation phase of market was breached today and Nifty could manage to touch 5600 mark on Tuesday. Nifty Futures gained 46.25 points to close at 5619.00 mark.Market is likely to remain range-bound to slight bull for the day but an unexpected move above 5655 may empower Nifty to move on higher levels and it may touch 5675-5700 levels. Below 5595 Nifty futures may drag to 5570-5538 Levels.

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Market Today and Nifty Trend for Tuesday 7 June (Technical levels)

Indian Market Today-

The Indian Equity index today closed with moderate gains amid volatility. 

 Weak global cues and disappointing US employment data caused market to trade with negative bias. But the market managed to bounce back in the last one hour of the session following recovery in European markets as it seemed that market factored in negatives. The 50-share NSE Nifty rose just 15.30 points, to end at 5,532.05.  

The Nifty futures closed and settled finally at 5534.20 up by 10.70 points or 0.19 %. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 5550 else below support level of 5475 it would be in a downward trend.

RESISTANCE: It has first resistance close to the level of 5550 & above this level the next resistance is seen near the 5630 mark.

SUPPORT: It has first support close to the level of 5475 & below this level the next support is seen near 5410 mark.

In banking, CNX Bank Index gained 72.65 points or 0.67 %. Amongst the banking stocks Yes Bank, Kotak Mahindra Bank and Oriental Bank of Commerce lead the row.

Bank Nifty Futures shut stop at 10831.15 up by 69.55 points or 0.65 %. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 10865 else below support level of 10620 it would be in a downward trend.

RESISTANCE: It has first resistance close to the level of 10865 above this level the next resistance is seen near to the level of 10950.
SUPPORT: It has first support close to the level of 10620 & below this level the next support is seen near 10430 marks.

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INTRADAY TIPS FOR TODAY

Buy Aurobindo Pharma Ltd above 198.50 TG-202-204-206 SL-194.50
Below 194.50 Go for Sell TG-190

Buy NTPC Above 173.80 TG- TG-176-178 SL-171.50
or Sell below 171.50 TG-169-167

Nifty Futures Intraday Call-
Sell Nifty Futures Below 5375 TG-5340-5300 SL-5440
Buy Above 5440 TG-5480-5520 SL-5375

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