NIFTY OUTLOOK FOR 24/07/2014

BULLS AGAIN TESTED 7808 IN THE MORNING
AND NIFTY GET CONSOLIDATION AT 7555-7808 LEVEL.

ABOVE 7822,
BULLS CAN MOVE FURTHER TO 7888 AND 7977.
BUT THEY HAVE TO DEFEND 7733 ON CLOSING.

ANY CLOSE BELOW 7733 WILL BRING BACK BEARS,
AND ALSO HOPES FOR THE DOUBLE TOP PATTERN
IN NIFTY DAILY CHART.

NOW THE WEEKLY PIVOT MOVED TO 7733.
SO ABOVE 7777 BULLS CAN MOVE TOWARDS 7888 AND 7977.

ON THE DOWNSIDE,
BEARS HAVE TO SEE A CLOSE BELOW 7688,
FOR ANOTHER DOWN MOVE. THEN,
THEY CAN MOVE TOWARDS 7422.

ON THE WEEKLY CHARTS,
7807 SEEMS BIG BIG RESISTANCE.
NIFTY SHOWING SOME FORM OF TREND REVERSAL.
7092, 6892 AND 6652 ARE THE RETRACEMENT TARGETS.

AS PER TECHNICAL,
NOW THE WEEKLY PIVOT IS 7733.
ABOVE 7777 BULLS CAN TARGET 7888 AND 7977.
BELOW 7688 BEARS CAN TARGET 7577 AND 7466.

Sell UltraTech Cement with a stop loss of Rs 2470: Sandeep Wagle

"UltraTech Cement is a 'SELL' call with a target of Rs 2405 and a stop loss of Rs 2470."

Buy Idea with a target of Rs 157: Sandeep Wagle

"Idea is a 'BUY' call with a target of Rs 157 and a stop loss of Rs 145."

Buy TCS with a target of Rs 2601: Sandeep Wagle

"TCS is a 'BUY' call with a target of Rs 2601 and a stop loss of Rs 2539."

Buy Sun Pharma Advance Research with a target of Rs 195: Mitesh Thacker

"Sun Pharma Advance Research is a 'BUY' call if it gets past Rs 178 with a target of Rs 195 and a stop loss of Rs 173."

Buy Idea with a target of Rs 158: Mitesh Thacker

"Idea is a 'BUY' call with a target of Rs 158 and a stop loss of Rs 146."

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