This week, we saw markets
edging higher on rate cut hopes despite volatility brought by Q4 results of
heavyweights. The stock markets closed
at their 4-week highs, with the benchmark Sensex ending the day with gains of
148 points. The Nifty, too added 38 points to finish off at 8459, as investors
appear to be buying equities on comfort that the RBI may ease rates in June,
while the US Federal Reserve may not raise rates any time soon. The markets
today opened with a positive and remained positive without much movement due to
decline in India VIX, which is down at around 2.67% indicates stable outlook
ahead of F&O expiry next week. The Sensex today closed 148 points up at
27957 after briefly staying above the psychological 28K-level on
better-than-estimated corporate earnings and firm Asian cues. The Nifty was at
8421, up 7 points. It touched a high of 8440 and a low of 8420 in trade today. Nifty
rallied to a high of 8489, just ten points shy from 8500-mark, before settling
at 8458. Such volatility is likely to continue as about 40% of Sensex
constituent’s results are awaited. This might impact the pace of Index moving to
higher levels as the result expectation balance 40% are low.
The level of 8500 for the
Nifty takes a critical importance for staying above the level would imply a
retained gumption in bullish momentum. However, if there were to be a sustained
campaign below this level even if the index does not go down much but spends a
significant amount of time below this level and tries to penetrate even 8400
that would be first sign of weakness in this current short term upswing. On the
other hand, if the Nifty were to fire on all cylinders and takes out 8530
through 8550 range bulls would be tap dancing on the center stage.
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RESISTANCE: 8500, 8550, 8600
SUPPORT: 8450, 8400, 8350
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DeleteToday awesome results of dish TV , also market was down. Thanks for the updates about the nifty.
ReplyDeleteNifty tips