Volatility was witnessed there in the market today.Today bulls and bears had a tough. The bears were trying to pull
nifty to level 8600 and bulls were managing to keep nifty at or above 8700
level. But at last bulls ruled in the market. The late trade rally after a
consolidation on Thursday helped the equity benchmarks gain 1 percent ahead of
January CPI and December industrial output data which to be announced later
today. Upside in global markets post Russia ceasefire also supported the
market.Today, Russia
and Ukraine agree ceasefire was one of the reasons today that helped the market
post higher gains. Nifty closed above the 8700 level, up 84 points at 8711. Today nifty
started at 8676 made a high of 8732 and low of 8599, total 133 points was moved
by nifty throughout the day.
Once the Nifty gets past 8750 and stays above it would start displaying fresh bullish gumption. To remain bullish for tomorrow, the index should stay above that on high volume activity and fresh position build up. If it manages to do that the next immediate target is at 8800. Taking this last level, our Nifty would face the strong resistance/supply zone between 8830 and 8850. In case of any corrective downswing till such time it falls below 8655 and stays there is not much to worry about. Nifty may cross 9000 mark if the Budget comes as per street estimates.
Once the Nifty gets past 8750 and stays above it would start displaying fresh bullish gumption. To remain bullish for tomorrow, the index should stay above that on high volume activity and fresh position build up. If it manages to do that the next immediate target is at 8800. Taking this last level, our Nifty would face the strong resistance/supply zone between 8830 and 8850. In case of any corrective downswing till such time it falls below 8655 and stays there is not much to worry about. Nifty may cross 9000 mark if the Budget comes as per street estimates.
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RESISTANCE: 8750, 8800, 8850
SUPPORT: 8700, 8650, 8600
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