#NIFTY View on the 9th of July.

  Today the Index opened up ay  10,838 above the Price Rejection Level of 10,810 and closed slightly above at 10,852. The Index stock volume however remained below average.  The index up move looks less credible because of the low volume.  But the full market saw Buy volumes thrice the sell volume and the advances were twice the decline though the overall volume was less than average. Looks like the index is being propped up to support some buying across the market.  Next couple of moves is important to see if the index will sustain above the Price Rejection Level. The probability of sustaining look less and the move may peter out.

#NIFTY View of the Nifty on 7th July.

 For most part of June the Index has been range bound. Price Rejection level has been around 10810. In other words prices above 10810 could not be sustained.  Similarly the Price support level was around 10630-70. In other words support was coming below these levels and the index always recovered. To have any uptrend the index has to decisively move above 10810 and sustain. The volume pattern does not support a breakout above 10810 levels yet. The probability of some more range bound moves is more likely.