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Praveen Kumar


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03 July 2015: Stock Chart Analysis for intraday: LUPIN, TATASTEEL and ARVIND
LUPIN (1870.15)
Buy above 1884/SL 1874/ Target 1899-1910|| Sell below 1858/ SL 1867/ Target 1835-1825
TATASTEEL (304.35)
Buy above 308/SL 305/Target 315-||Sell below 299/ SL 302/ Target 293-290
ARVIND (271.60)
Buy above 275/SL 273/Target 280-282||Sell below 267/ SL 269/ Target 263-260

Read chart →Click

03 July 2015: Nifty Elliott wave analysis: Subsequent rise gave a rise towards 100 DMA but now it is not easy to cross above 100 DMA. Buy if Nifty above to cross above 8500!!!

You must read previous articles and watch the given chart carefully to understand this article completely.

For 03 July 2015: -

On 02 July 2015, FII Sold INR – 575.32 crs and DII Bought INR 219.02 crs

niftyA positive divergence is here on Nifty versus MACD chart. What this indicates? Can it give us a result as 8500+ levels? I may accept this situation for a bounce before some choppy trades. Price corrections are coming in form of choppy moves. This used to happen in bullish market but right now market is out of bullish mode. Hence, I have sufficient reasons to make doubt.  

For today’s trading session, I am expecting mild weak opening. Now I can quote that as long as it is above 8400 we may not have any immediate threat. Still, 8400 is not too far. Take a note that currently Nifty is facing resistance on 100 DMA which is at 8470 levels. If it has to show further strength then Nifty has to cross above 8500 levels.

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Strategy for Nifty July future – Nifty July month future will get support at 8400 to 8380 levels. It is reacting at 100 DMA resistances. We cannot expect further strength without any reaction. Even if small gap down comes and it sustain then we can expect a mild selling. I am not interested in trading long at 100 DMA resistance.

S&P 500 (USA) – Us market gave the most desired dip but still we do not great sense for big dip yet. Global indices are again reacting on possible save of Greece. HOW SHALL WE TAKE THIS BOUNCE? 101% do not get tempted. We are bound to see another major crack in coming few days. I have already expressed my fear about July month sell off. You can expect 2045 by early next week.