26 December 2014


The Sensex bounced back in green after falling 117 points earlier in trade on Friday, Nifty also managed to reclaim its crucial psychological level of 8200, supported by gains in banks, capital goods, pharma and IT stocks. The Nifty ended at 8200 up 26 points. It touched a high of 8234 and a low of 8147 in trade today, total 87 points was moved by nifty throughout the day. 
For Monday another gap up opening could well be likely! We are likely to see further upward movement in the Monday’s session. However, the range between 8270 and 8350 would emerge as a strong supply zone, and we do not expect it to be crossed at one go. The nifty
will try to get level 8300 but first nifty should have to cross the hurdles 8235-8268 if this hurdles will crossed then nifty will achieved the level 8300 successfully. In any case, even if the Nifty manages to reach those levels and close there on Monday would suggest a short term reversal for sure. Thus, not being able to cross the above-mentioned zone would not be that bad since even if we were to close within the zone or near it helps the cause of the bull in that it would signal the end of the current downtrend, and a probable onset of another uptrend. At the down side 8180-8165 will act as supporting level for nifty. 
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RESISTANCE: 8230, 8260, 8290
SUPPORT:  8200, 8170, 8140


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  2. Corporation Bank ended up 4.7% after the state-owned bank announced record date for stock split of shares.
    Nifty Tips