Nifty Future for July 9 - Viral Joshi

Yesterday the market totally played on the political issues. The Left party withdrew support on the issue of the nuclear deal. Later, cruide came down to 136.06, even as global cues were positive.

Today's opening will be with a gap up and remain positive through the day. If crude sustains below $137, then $120 levels would be seen. The pullback rally may be seen in airline stocks like Jet Airways (JETAIRWAYS), Spicejet (SPICEJET), etc. Keep an eye on such stocks once Nifty crosses 4120 level. The pullback rally would lead Nifty toward 4400.

Pivot for Nifty future is 3920 and support 3900.
S1 3930; S2 3920; S3 3900; and R1 3980; R2 4020; R3 4100/4150.

Buy above 3950 and if it breaks 3980, then 4020-4100-4150.
Short below 3920 and if it breaks 3900 then 3880.

Daily moving averages:

5DMA 4011;
20DMA 4270;
50DMA 4674;
200DMA 5214.