Nifty re-conquered the 8300 level. The market
exhibited high amount of choppiness in trade today as index bellwethers were in
divergent mood. Markets ended higher, led by IT major Infosys and select
financials ahead of November IIP and December CPI data to be released later
today. The index immediately slipped into the negative zone owing to weak overseas
cues. The Nifty gained 87 points in intra-day trade, and finally settled 39
points higher at 8323. The index today touched a high of 8332, and a low of
8245. Total 87 points was moved by nifty throughout the day.
Tomorrow
if the bulls manage to hold the Nifty above 8335 zone then they would try to
push it up to levels reached on last Friday; however, the intraday volatility
that we saw on today indicated the nascent upswing has already run into rough
weather. Thus, taking out the zone between 8350 and 8370 would be very crucial
if it were to turn into a sustainable uptrend. In case, the index falls below 8290
on heavy selling it might retest the strong support zone from 8265 and 8250.
More about intraday tips on Google +
RESISTANCE: 8340, 8380, 8420
SUPPORT: 8300, 8260, 8220
More about intraday tips on Google +
RESISTANCE: 8340, 8380, 8420
SUPPORT: 8300, 8260, 8220
The Sensex is up 48.57 points at 27633.84 and the Nifty is up 23.15 points at 8346.15.
ReplyDeleteINDIAN BENCHMARK are likely to open on a slightly positive note as the global cues look mixed. SGX Nifty is trading 28.50 points higher.
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Infosys implements IT solutions for US-based L.A. Care Health Plan.
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