Market outlook for this week

Market outlook for this week

The daily and weekly technical outlook & trend for Nifty remains “Neutral” for this
week; implying an even risk reward ratio. However, the monthly trend is now marginally
negative, indicating that Nifty might hit an obstacle sometime in July. The momentum has
slowed down considerably; implying that chances of changes is the outlook and trend this
week are low.

The outlook and trend for Bank Nifty remains positive on daily, weekly and monthly
timeframes; implying a favorable risk reward. The momentum in Bank Nifty has slowed
down last week and has medium intensity now; implying lower probability of change in the
outlook and trend during the week.

Nifty: The day traders may avoid trading in 15745-15815 nifty range, as in this range
volatility may be high and stop losses on both sides may get hit. The long positions may
be held with a stop loss of 15435 (on daily closing basis). Non positional short positions
may be held with a stop loss of 15874 (on daily closing basis).

• For Bank Nifty also day Trading may be avoided in 34970 – 35130 range. For all long
position maintain a strict stop loss of 34580 (on closing basis). Non positional short
positions may be held with a stop loss of 35495 (on closing basis).

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Author: Midas Finserve

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