3 February 2015


“Sell IBrealest Future below 81 Tgt 80.20/79.20 Sl 82.40”
“Buy Bank Nifty 20100 Call 234 Tgt 322/433 Sl 141”
Indices witnessed a sharp sell-off after the Reserve Bank of India in its sixth bi-monthly monetary policy decided to keep key interest rates unchanged. Although the decision was well in line with market expectation, rate sensitive’s like banking, realty and auto stocks saw heavy offloading. The Reserve Bank of India left repo rate unchanged at 7.75 per cent and CRR at 4 per cent. It cut SLR by 50 bps to 21.50 per cent from 22 per cent.  Nifty swung in a range of 111 points; the index from a high of 8837 plunged to a low of 8727, and eventually ended 41 points lower at 8757
Tomorrow if the bulls manage to hold the Nifty above 8785 zone then they would try to push it up to levels 8815; 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 8835 and 8855 would be very crucial if it were to turn into a sustainable uptrend. In case, the index falls below 8733 on heavy selling it might retest the strong support zone from 8700 and 8650.
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RESISTANCE: 8800, 8850, 8900
SUPPORT:  8750, 8700, 8650

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