PULLBACK IN THE OFFING
During the current week Moon would be transiting from Rohini In Taurus to Aslesha in Cancer. .
Sun transits in Mrigasira in Taurus and Gemini.
Mercury transits in Rohini.
Venus transits in Aslesha 3rd and 4th Pada.
Mars transits in Mrigasira in 2nd pada and Mrigasira 3rd Pada,
Saturn transits in Anuradha constellation in Scropio sign in 1st Pada and in Leo Navamsa and remains in retrograde motion from 14th March to 2nd August, 2015.
Jupiter ,, transits in Cancer in Aslesha constellation in Aquarius Navamsa .
Rahu and Ketu continue their transit in Virgo and Pisces respectively.
Outlook for 15 to 20 JUNE 2015)
NIFTY :: 7979 (-115)
(Oversold … Technical Bounce …)
Nifty lost about 1.5% last week due to global cues. Market needs to trade above the last weeks high to confirm this pattern.
20DMA, 50DMA, 100DMA and 200 DMA are placed at about 8251, 8594, 8375 and 8376 respectively and would
act as supports / resistances. Nifty is trading below all the average , particularly below 100 DMA, which is a matter of concern.
While Nifty continues to trade below the 200 DMA and 50 DMA too is above 200 DMA (Golden Cross) suggesting that the Bullish trend is in tact.
Technical Levels ::
For the coming week, Nifty spot is expected to be Bullish above 8200 with
resistance at 8280, 8360, 8435, 8525 and is expected to Bearish below 7900 with Supports at 7825, 7745, 7650.
Nifty could not hold at higher levels / pull back levels and fell sharply on Thurs / Friday and being last week of Derivative expiry is close to strong support level of about 7900 .
Breakout level for the week is 8200, and break down level for the week is 7890.
Advice for Traders ::
However, While the long term trend is bullish, Medium term would once again turn bullish only if Nifty is able sustain above 8500. If Nifty / scrips sustain above Friday’s high level, Friday’s low level could offer strong support for short term for a reasonable pullback.