The Nifty journey……..

The August journey of Nifty leads no where as the Nifty closed at 4414 on the opening day of the series. The Nifty closed on previous trading day was at 4431, net change was all most negligible.

The three days of holidays brought some positive news like Private PFs can in vest in equities, waiving of excise duty for the imports made on capital goods for UMPP but these are not enough to trigger upward journey but the jump in rising inflation to 12.4% is a big negative news, further tightening of fiscal measures, and possible investigations on the Forex accounting methods followed to avoid the losses by RIL, RCOM and Bharti may influence to weaken the upward movement of Nifty.
The global slowdown may restrict the equities that bring an opportunity in the form of consolidation. The Indian markets are no different to the global action but for those who want to avoid the long run on uncertainness may try to bet on “quarter on quarter” basis as the opportunity likely to emerge for some investments.

The short term indicators are now in favour of bears but the up ward momentum started from 1st July from a low of 3800 level to 4650 level is under correction. The bulls need to strengthen themselves as the events turning odd to them. The Nifty is having good support at 4300-30 level and very good support at 4140-60 level. So the consolidation period shall become an opportunity for investments.

The SGX Nifty is now trading with 30 points loss, The Hang Seng is down by 190 points but the Nikkei is in positive territory with 230 points gain.

The Nifty has support level but failed to close above the resistance level at 4463-65 level.
The Nifty may face now resistance at 4485-91 level but the support is at 4366-69 level. The Nifty may not breach the psychological support level at 4401-05 level, the Bulls might fight for that level.

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