18 February 2015


The buying spree continued for the sixth consecutive session on Wednesday as the benchmark indices added more than half a percent gains. Private banking & financials, technology and FMCG stocks supported the indices. Capital goods, IT and power led today's gains while oil & gas, metals and realty sectors showed resistance. Nifty ended at 8882, up 59 points. It touched a high of 8886 and a low of 8808 in trade today, total 78 points was played by nifty throughout the day.
Just some points short of the coveted 8900 level, it was so close yet so far at least for tomorrow the Nifty level of 8900 remained elusive. In tomorrow’s session, we need to watch out for the support range between 8830 and 8750 unless this potential demand is broken and taken out mostly the attempts to clear the 8950  mark would the Nifty needs to wait. The index needs to take out today’s high of 8886 and get past 8930 for a minimum for me to remain bullish. the market may continue its upward momentum till the Budget (to be announced on February 28). On hopes of big announcements, it may also cross 9300-mark on the post Budget, the correction may step in, they add.
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RESISTANCE: 8900, 8950, 9000
SUPPORT:  8850, 8800, 8750

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