17 July 2015


In a volatile trade, the benchmark BSE Sensex extended gains for the third consecutive day by rising a marginal 17.19 points to 28,463.31 as investors remained on the sidelines on lack of triggers from both the domestic and global fronts. Markets swung between positive and negative terrain as it seems to await to take cues from the monsoon showers and corporate earnings ahead. Later, profit-booking took hold that wiped off the gains completely and took the benchmark back to the negative zone as it touched a low of 28417. But some late-buying saved the day and helped the index close higher by 17 points at 28463. Nifty, after climbing to the session's high of 8642, too succumbed to the selling pressure and settled the day at 8609, up 2 points. Intra-day, it went below the 8600-mark to touch a low of 8593.
The index looks quite bullish! In Monday’s session so long as the 8580-level is maintained, there is no problem for the bulls at all. It could head even higher even if there were to be an intraday dip that does not breach 8580 on a sustained basis. However, crossing the level of 8650 would be quite important for the index since only when it stays above this level then we can expect it to cross 8680 or higher. On the downside, if it were to fall below 8580 on a sustained campaign expect 8543 – 8538 support area getting tested. However, only if the level of 8515 is taken out on any major profit taking the bulls would lose their advantage.
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RESISTANCE: 8650, 8700, 8750
SUPPORT:  8600, 8550, 8500           

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