For past two weeks, the
Nifty has been trading roughly in a broader range of 8100-8300 while stocks are
witnessing erratic moves in both directions due to prevailing earning season. Today
Sensex closes 117 points, higher at 27324. Nifty opened at 8240 made a high of
8279 and low of 8212 and closed at 8262 total 62 points was played by nifty
throughout the day.
More about intraday tips on Google +
We expect this
prevailing uncertainty to end in the coming sessions with either side decisive
break in the index. The market remains quite volatile, choppy and
directionless; while one can argue that over the last couple of sessions it
showed some bias towards the bullishness but the intraday see-saw movement
suggests acute indecision to commit to either side. Nifty has a significant
resistance at 8300 levels and is struggling to surpass this level.
The bulls are showing continued
enthusiasm to take fresh long positions and the bears are covering their
shorts; if the index were to get past the 8300 – 8350 range on Monday, then the
bulls would gather more strength to push and clear the major resistance between
8400 and 8450. We are quite skeptical about this rally continuing beyond the 8400-mark
but it appears that the upswing has still some more headroom left. However, as
of now, fresh weakness signs would only be seen only when it closes below 8200
now. More about intraday tips on Google +
RESISTANCE: 8300, 8345, 8390
SUPPORT: 8255, 8210, 8165
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