3 March 2015


Nifty breached the 9000-level for the first time in pre-close session on Tuesday on sustained inflow of foreign capital amid growth-oriented and market-friendly measures in the Budget.Nifty crossed the 9000-level for the first time by gaining 47 points, to trade at an all-time high of 9008 surpassing its previous intra-day high of 8996. Today nifty opened at8962 made a high of 9008 and low of 8925 and closed at 8996.
The index is likely to continue the upturn in next few days also. There are two very strong forces in the market. One is the positive momentum and the tailwind coming from improving macros. , we need to watch out for the support range between 8920 and 8870 unless this potential demand is broken and taken out mostly the attempts to clear the 9050 mark would the Nifty needs to wait. The index needs to take out today’s high of 9008 and get past 9020 for a minimum for me to remain bullish.
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RESISTANCE: 9050, 9070, 9090
SUPPORT:  9030, 9010, 8990

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