15 June 2015


The market has ended with some smart gains. The markets ended today's trading session on a positive note. The Sensex jumped over 150 points and the Nifty closed above 8000 on the back of buying in auto, pharma and oil & gas and IT stocks. In the intraday deals, the Sensex touched high of 26729 and low of 26308 and the Nifty moved in a range of 113 points. Markets end on a positive note; the Sensex provisionally closed 144 points higher at 26569 and Nifty ended 24 points higher at 8007. Market sentiment being buoyed by the positive economic data that came late last week, and a floor that was provided by the significant support zone between 7956 and 7935 leading to a close just above the 7980-mark.
We expect a recovery in the form of a corrective rally once the index clears the 8035-mark. However, till such time we do not see the index taking out 8005 – 8035, the rally may not just crystallize immediately. On the downside, weakness would resurface if we were to see Nifty again slipping below the 7950-mark. One thing to be kept in mind, till such time you see the Nifty taking out—in case of an upswing—the range between 8350 and 8380, all rallies are corrective upswing, and not a resuming erstwhile bullish phase lasting till Jan 30, 2015. The level of 8000 Nifty may hold. The uptick seen in the market today could be a dead cat bounce. Nifty would break the 8000 level to settle around 7700 and in case it goes to 7500 levels, it is time to buy.
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RESISTANCE: 8050, 8100, 8150
SUPPORT:  8000, 7950, 7900          

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