In the outset we wish our readers a very 66th Happy Independence Day as this day has given us the right to move with our head held high and we are glad that day is not far when we will be in the league of developed nations. Corruption scandals will also become scarce as we develop in coming years ahead. We should not get get disappointed seeing the present state of affairs in the nation as it is a state which occurs when an organisation moves from a state of disorder to order and presently we are in a state of transition from being a developing nation to developed nation and we hope to achieve somewhere near year 2025.
It was a welcome break on 15th Aug as Nifty has been making consecutive high weekly closing for past three weeks. Bulls appears to be in control once Nifty crosses above 5380 level with volumes else we see a sideways consolidation between 5300-5380 mark. Any up move above 5380 with volumes will target 5450 level. Nifty holding 5380 level during the course of the day is of an utmost importance. Bullishness will remain in market till the time the important support of 5300 is maintained on closing basis. Thus it is the right time to trade intraday with hot stock of the day and make profit like professionals in market like our paid subscribers.
However we want traders to be cautious on Nifty movement as select momentum oscillators have entered overbought zone on the daily chart and overall breadth was neutral as 1,412 stocks advanced while 1,385 declined.
Support and Resistances for the Day
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Strong future shares at National stock exchange
Balrampur Chini, MTNL, Finan Tech, IGL, MC Dowell, OFSS, Tech Mahindra, OnMobile, Zeeltd & Apollo Tyre.
Weak future stocks at NSE
S Kumars, BEML, Bharti Airtel, Bank Of India, Union Bank, Andhra Bank, Orchid Chemicals, Ibrealest, Patel Engineering & LITL.
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