2 January 2015


"SELL HINDALCO FUTURE BELOW 160 TG 158.2/156.8 SL 162.4"
Bulls are back in the action..!!! The upswing of nifty had filled a huge gap and this gap was maintained in today’s trading. On the week ended Friday nifty after reclaiming the 8400-level to touch the day's high of 8410, finally settled with a gain of 111 points at 8395. Today 8288 was the low made by nifty, total 122 points was moved by nifty throughout the day.  The rally in the nifty was led by banks, followed by consumer durable, metals, realty and power stocks.  
For Monday, the levels that hold the key are placed between 8385 and 8415. This range is likely to act as the key support area on which all upside price movement would have to be built hence, the index should not fall below this range so as to maintain any semblance of real
strength. On the downward range between 4730-4755 is the first support area.
Continuing the positive bias of market we can say that market would achieve the level of 8500 on Monday. On the upside, crossing the hurdle at 8438– 8460 assumes great importance since that would be the first test for the bulls to show their ability to pull things further up from current levels. To talk about real bullish gumption, however, we need to see a decisive break out above the 8470-level. On the downside, if it were to fall below 8345 – 8325 support area there would be further fall but till such time the index slides below 8310, do not expect any significant weakness. 
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RESISTANCE: 8430, 8480, 8530
SUPPORT:  8380, 8330, 8280

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