NIFTY OUTLOOK FOR 22/07/2014

BULLS TESTED 7722 IN THE OPENING HOUR.

BUT NOT ABLE TO SUSTAIN ABOVE 7711 AND

SEE A CLOSE AT 7684.

AS POSTED HERE,

NIFTY FORMING HEAD AND SHOULDER PATTERN

IN THE DAILY CHART. 7666-88 IS SHOULDER

LEVEL AND 7422-44 IS THE NECK LEVEL.

SO BREAKING BELOW 7422 WILL LEAD NIFTY

TO 7044-66 LEVEL. BULLS HAVE TO SEE A CLOSE

ABOVE 7711 IN THIS WEEK AHEAD TO TERMINATE

THIS VIEW.

NOW THE WEEKLY PIVOT PLACED AT 7600.

SO ABOVE 7644 BULLS CAN MOVE TOWARDS 7866.

ON THE DOWNSIDE,

BEARS HAVE TO SEE A CLOSE BELOW 7555.

FOR ANOTHER DOWN MOVE. THEN,

THEY CAN MOVE TOWARDS 7333.

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 7600.

ABOVE 7644 BULLS CAN TARGET 7777 AND 7866.

BELOW 7555 BEARS CAN TARGET 7422 AND 7333.

Buy Bata with a target of Rs 1355: Mitesh Thacker

Bata is a 'BUY' call with a target of Rs 1355 and a stop loss of Rs 1289."

Buy Reliance with a target of Rs 1060: Mitesh Thacker

"Reliance is a 'BUY' call with a target of Rs 1060 and a stop loss of Rs 989."

Buy Axis Bank with a target of Rs 2070: Sandeep Wagle

"Axis Bank is a 'BUY' call with a target of Rs 2070 and a stop loss of Rs 1999."

Buy Century Textile with a target of Rs 660: Sandeep Wagle

"Century Textile is a 'BUY' call with a target of Rs 660 and a stop loss of Rs 598."

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