The next week promises to be full of excitement as RBI announced 25bp rate hike on weekend. Add to it the 'dow effect' as dow has fallen below the crucial support of 9800 and bears couldn't ask for more on opening on Monday.
Expect Nifty to open below 5200 for first time in July series and face further pressure from 'trapped longs'. I believe we will test 5100 in first half of coming week and in face of any further 'bad news', we may even test 5000 in coming week.
There are little chance of further gains in Nifty, at least in coming week as 5350 poses 'stiff resistance' on upside. The range for Nifty in coming week looks to be 4950-5350. Reality and Banking may see slight 'short covering' at lower levels while autos and fertilizers should be accumulated at every fall.
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