Nifty strategy: Buy on dips

Jul 04 2014, 18:10 IST
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The major trend of the stock is bullish.(Reuters) The major trend of the stock is bullish.(Reuters)
SummaryOverall trend of Nifty July Future is still bullish on chart, Nifty is hovering around 7700 levels and best strategy currently is to buy on dips.

Week begun on a green note and Markets extended gains and hit record high , boosted by continued foreign fund inflows and buying by investors on hopes of strong economic reforms in the upcoming Budget amid positive global cues , the Nifty index tested 7,700 mark. Nifty july Fut closed at 7790.

Overall trend of Nifty July Future is still bullish on chart, Nifty is hovering around 7700 levels and best strategy currently is to buy on dips, major levels to watch for up coming week are on bull side if Nifty July future manages to cross its resistance level of 7795 it can test the levels of 7840 and 7900 where as on short side 7701 will act as good support level breaching of this can take Nifty July future to 7650 & 7585 levels.

Stocks to watch:

JSWENERGY FUT BUY-The major trend of the stock is bullish. It may continue its bull run with the crossing of its resistance level of 83.05 with the RSI of 57 , which indicates that further buying opportunities can be seen in the stock.One may initiate the long position in the stock with the crossing of the level OF 83.05 for the target of 84.50 & 86 with a strict Sl order to be placed at 81.70.

INDIACEMENTS FUT BUY- The major trend of the stock is bullish .It may continue its bull run with the crossing of its resistance level of 117.75 . It is sustaining above its 50 days moving average with the RSI of 51, which indicates that further buying opportunities can be seen in the stock.One may initiate the long position in the stock with the crossing of the level OF 117.75 for the target of 120 and 123 with a strict Sl order to be placed at 116.70.

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