The Sensex snapped a two-day decline and closed nearly
300 points higher in a pullback rally on Tuesday. Nifty reclaimed the
8,700-mark. The Nifty ended at 8723 up
90 points. It touched a high of 8742 and a low of 8630 in trade today. In the
near term, the market will take cues from the comments of the US Federal
Reserve on interest rate hike in the US.
Tomorrow we need to initially monitor the levels of 8750
through 8770 for it would act as the first resistance zone that the Nifty ought
to take out firmly. Once it is done and the index stays above the range just
mentioned, it would be headed for the 8800-mark, which could well act as a
difficult selling zone. However, once crossed, the bulls might feel empowered
to test the major supply zone for the between 8830 and 8860. Any close above 8860
would raise the possibilities of a bullish short term reversal.
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RESISTANCE: 8750, 8800, 8850
SUPPORT: 8700, 8650, 8600
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