Nifty market outlook: Index seen at 7,900-level

Updated: Jul 19 2014, 02:56am hrs
NiftyGood CPI & WPI number's brought up some strength in Sensex.
Markets stabalized as euro zone banking jitters faded, to be replaced by caution ahead of corporate earnings and a raft of global economic events including testimony from the head of the Federal Reserve, positive macro economic data also boosted the market sentiments. Good CPI & WPI number's brought up some strength in Sensex. Nifty July fut managed to close at 7668.

Overall trend of Nifty July Future is still bullish on chart, but in short term, market tested its major support level and bounced back, it took support from its 50 days moving average and closed at 7668. For upcoming session Nifty July Fut can show some strength if it manages to cross its resistance level of 7750 and can test the levels of 7830 and 7900 on lower side 7535 will act as major support level breach of this can take nifty to 7430 & 7380 levels.

Stocks to watch:

UBL NSE CASH BUY -The stock is trading in range from the last few trading session and it is trading with the RSI of 54, which shows that further buying opportunities can be seen in the stock in coming trading session. One may initiate the long position in the stock with the crossing of its resistance level of 730 for the target of 748 and 765, for which stop loss should be kept at 712.

INDIACEMENTS FUT SHORT- Indiacements fut is in its corrective phase and stock is consolidating near its support level with negative biasness with an RSI of 38 confirming weakness in stock. Thus one can initiate sell position in indiacements fut below the levels of 104.40 with SL of 105.65 for TGTS of 102, 100 in near term.

By Vivek Gupta, Director Research, CapitalVia Global Research Limited