#MANAPPURAM have been consistantly printing fresh 52,week highs. For 70% of TIME in july series STOCK remained in F&O bann, still it managed to complete it’s near term target objective of 140 today. We discussed on this on 20th,JUNE. For near term the structure is mostly completed but for medium term setup have improved further. So we maintain our medium term projections of 175 in coming months.

ABCAPITAL have a strong structure, all PATTERNS are trending higher. STOCK remains in strong zone as long as it holds the print of 182 on cash. Holding 182 it should test zone of 207 to 225 in next few days. Once it enters this zone, STOCK would complete a (HEXAGON) rotation from its lows of 157. TIME wise it would enter a PIVOT zone between 28th,JULY to 3rd,AUGUST, good possiblity that stock achieves its target objectives within this TIME window.

NIFTY have still maintained its support of (19,562) on spot, dispite loosing its momentum. No weekness as long as this level is not printed. We discussed this last FRIDAY as well, (for MARKETS to scale further highs INDEX must hold its PATTERN support). TIME wise MONDAYS low is critical on closing basis, a daily close below MONDAYS low would push NIFTY below its PRICE support. Holding these levels we should get another fresh high around 1st,AUGUST and that should possibly terminate the rally for now. We have been discussing 1st,AUGUST as a critical date since past 2,weeks. Let’s see how MARkets reacts there, the entire next week would be important, because it would complete CYCLE rotation from last 3,calender lows on DAILY and WEEKLY TIME FRAME. with such strong CYCLE combination 9,out of 10 times we should get reaction of some category. Whether that lasts for short term or slightly longer that we should observe as and when that happens.

TATASTEEL would come up with its results today, no matter how it reacts to that, technically it’s in good shape as long as it stays above 107 on closing basis. As long as it holds 107 stock should take out its January,19th, high of 124 easily and print level of 132 on cash. 8th,AUGUST is very important date for it, expecting it to scale fresh calender highs within this TIME window.

CROMPTON possibly made a CYCLE low at 251 on 26th,APRIL but that would still require further confirmations. The TIME distance between 13th,SEPTEMBER high and 26th,APRIL low is exactly 225 days, needless to discuss why the number 225 holds meaningfull significance. In near term there are 2,very important TIME CYCLE DATES coming up, 1st on 25th,JULY and another on 4th,AUGUST. PRICE wise STOCK should hold zone of 267-277, doing this, it would stay above 45° angle holding that STOCK should test levels of 307 and 342 on cash in coming days.

NIFTY momentum would stay intact as long as spot stays above (19,750) the PATTERN support continues to stay at (19,562) so even if (19,750) breaks it wont indicate any sign of a REVERSAL. Not until (19,562) is protected. Its critical for MARKETS to hold these levels for further highs. TIME wise 1st,AUGUST remains the most important date but on MONDAY we have a minor CYCLE DATE so MONDAYS low would be critical on closing basis. Things are likely to get more intresting GLOBALY, yesterday NASDAQ COMPOSITE broke the INTRADAY low of 14th,JULY, and closed below it. Let’s see how things goes there..

NIFTY have extended its rally holding (19,350) on spot. This was the point we were trying to make last time that, (dispite structure for NIFTY is complete it does not necessarily means that MARKET would fall). Atleast not until the supports are held. Currently the level have shifted higher from (19,351) to (19,562) on spot. As long as (19,562) is held, every dipp should be bought. TIME wise we discussed 14th,JULY as very critical date. As long as MARKETS stays above the intraday low of 14th,JULY,this move should continue till 1st,AUGUST. This applies for U.S. MARKETS as well. In case that low breaks MARKETS would enter the pullback phase, we shall discuss that when it happens.

FINNIFTY is showing signs of some crack for near term. Conservatively upsides upto (20,254) should be sold for possible targets of (19,811) and (19,622) on cash.

NIFTY held the LOW of 10th,JULY on closing basis and that resulted a higher high above (19,530) so this completes the (HARMONIC CHANNEL) which we discussed on TUESDAY. We also discussed that things should stay fine until 14th,JULY, so that starts from TOMORROW. The entire PRICE structure could under-go some sort of a test until 1st,AUGUST. There are some kind of cracks developing in NIFTY BANK and FINNIFTY but was it due to HDFC? that we have to moniter in next few days. Technically both INDICES are not that strong as NIFTY. For NIFTY with todays move structure have mostly completed but that doesn’t mean MARKET should fall from here. Yes there is a pullback due but that too should resume once spot breaks (19,350) once that breaks, we shall discuss about that pullback in detail.

DELTACORP is down 25% overnight, this move have took everyone by surprise, this is certainly a crisis but as an opportunist we have to look for an opportunity here. A higher high above 202 would signal a pattern breakout for targets of 220 and 240. hexagon PATTERN is still positive here for 271 target holding 165, let’s see.