July 10th Report

Midcap

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  • Gap Support at 16890 levels. It is extremely important for the level to hold up.
  • The long term trend remain bearish, with the market perhaps consolidating before a move down.
  • 16,000 levels remain a crucial level to watch out for. Any break of that level will be disastrous for the market. At the moment it is a very low probability that the market breaks below the 16,000 levels.

Nifty

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  • The Index is approaching an important gap support level at 11,430 zones
  • There is plenty of over-head resistance and that points to limited upside.
  • With a closely bound support and resistance zones we expect the market to remain range-bound for the next couple of days.

Focus Stocks

Coal India

1562759177688
  • Stock is at a strong support zone.
  • Bullish Engulfing Candle-stick formation
  • Nearest meaningful resistance is 5% away.

Keeping the above in mind the stock offers a good risk-reward set-up in my opinion.(Not an Investment Recommendation)

Yesbank

1562759389536
  • RSI over-sold and bouncing up
  • Piercing line candle-stick pattern was formed a day ago
  • Large volumes on the day prior to piercing line points to a selling climax day
  • Falling Wedge
  • Nearest meaningful resistance at 102