Will Nifty breakdown after Infy results and IIP Data ?

By | July 12, 2011

Infosys Technology

The Big Boy is coming with results Tomorrow at 9 Am and Charts also are in fight between bulls and Bears @61.8 % retracement@2880.

 On daily Chart 2880 and 2970 is highly traded range and break of range on either side will give 100 points move.

Sell below 2888 Tgt 2836 and 2792

Buy above 2930 Tgt 2976 and 3017

Nifty

Nifty has been trading in the range of 5740-5601 from past 1 week.

We had false breakout on both Upside(5720 trendline Break and 5197 Lower faslse Breakout)

 

Today Nifty made a low of 5601 but still unable to close below 5606 (Swing Low) Break of 5600 will first take nifty to fill the gap of 5565-5545 .

Break of 5510 will end this Bull trend in current upmove.

As per todays chart Nifty broke the channel of the rise from 5197 till 5740 and closed below it giving another sign of bearishness.

IIP Data are also tomorrow so accept a volatile day.

Levels for today

Buy above 5624 Tgt 5652,5673 and 5696

Sell below 5601 Tgt 5572 and 5543

Levels mentioned are Spot Levels

4 thoughts on “Will Nifty breakdown after Infy results and IIP Data ?

  1. Rajesh Agarwal

    Dear Sir,
    Could you please take a look at this site and pass on your views as to what you think about it.

    Rajesh

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