Daily Nifty Update – 4 July 2019 .. the D-Day arrived

 

The movements in the market today reflects the calm before a big event. Needless to say, tomorrow can be a make or break day. The context with which market is working on is that NDA 2.0 will be able to solve all the major problems currently we are facing and policy guidance towards that will be made in the budget. The Economic Survey is at best interesting to read.

Most of the sectoral indices closed mildly positive unless some negative sector-specific news. The INDIA VIX at 13.53 is low compared to historical context and the kind of importance our markets normally assign to the Budget.

 

 

 

Nifty Intermediate Term

Nothing much to write as the Nifty continues its upwards biased sideways trend. Both the RSI(2) and STO has reached the overbought range. Except for the intraday volatility tomorrow no solid gain may be registered.

 

Nifty Daily

 

Nifty Short Term

 

The 11950 levels on Nifty continues to be a resistance. I think intraday swings tomorrow will be smooth and tradable. A one-sided trade may only develop if some radical measures already talked about like inheritance tax, changes in the capital gains, etc comes in. Government is already short of Revenue and may act in an unexpected manner.

 

Nifty Hourly

 

Tomorrow is just another day. Do not let the volatility make a big hole into your P&L

 

 

Daily Nifty Update – 4 July 2019 .. the D-Day arrived
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