Lackluster movement was
there in the market today. Today nifty
crossed its crucial psychological level of 8250, supported by gains in auto, FMCG, metal
and realty stocks. Today nifty opened at 8214 made a high of 8279 and closed at
8246 total 65 points was moved by nifty throughout the day.
Though we are entering in a New Year, we reiterate our view that nifty would further consolidate in a broader range of 8050-8350 in the coming week.
For tomorrow if the Nifty
manages to take out the level between 8255 and 8280 successfully then we can
expect it move up further and probably test the strong supply zone that lies in
the range between 8300 and 8330. On the other hand, so long as the Nifty does
not fall below the support area between 8235 and 8210, the bulls can again
stage a pullback rally
However, only when the index gets past 8280 decisively
expect a strong rally and some real gumption in the pullback attempt again.
Markets are likely to remain volatile throughout this week, and investors
should use buy on dips strategy given the fact that the trend still remains on
the upside.Though we are entering in a New Year, we reiterate our view that nifty would further consolidate in a broader range of 8050-8350 in the coming week.
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RESISTANCE: 8260, 8285,
8310
SUPPORT: 8235, 8210, 8185
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