Continuing their
record-breaking run, Nifty hit new fresh record highs on Tuesday, as the buying
action intensified in metals, banks and FMCG sectors on the hopes of a pick-up
in growth and earnings in the coming quarters. The Nifty hit 8700 levels for
the first time and rallied to 8707 at its day's high. Nifty opened at 8575 and
closed at 8695 total 133 points was moved nifty throughout the day.
For tomorrow, the level 8755 will likely to act as a strong resistance and the major resistance for the day would be at 8805. The whole range between 8715 and 8765 is likely to act as a strong supply zone; profit taking led selling is highly probable at that zone. We tend to think that it would be very unlikely that the index is going to cross this zone at the very first or second attempt. Thus part profit booking for short term long positions if the index were to reach the above mentioned zone would be a prudent course of action. On the downside, the immediate support zone would be 8655 and 8620 unless this zone is violated decisively, the bulls need not worry.
For tomorrow, the level 8755 will likely to act as a strong resistance and the major resistance for the day would be at 8805. The whole range between 8715 and 8765 is likely to act as a strong supply zone; profit taking led selling is highly probable at that zone. We tend to think that it would be very unlikely that the index is going to cross this zone at the very first or second attempt. Thus part profit booking for short term long positions if the index were to reach the above mentioned zone would be a prudent course of action. On the downside, the immediate support zone would be 8655 and 8620 unless this zone is violated decisively, the bulls need not worry.
RESISTANCE:
8720, 8750, 8780
SUPPORT: 8690, 8660, 8630
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