19 August 2015


Today the Bulls were marginally ahead of the bears in the wider market.  The Nifty snapped a 2-day losing streak on Wednesday as traders latched on to the relative safety of defensive pharma and software stocks and pressed sales on banking shares. The Nifty added 28 points, percent, close at 8495 after recovering from an intra-day low of 8420 points. But the Bears were on top in the futures and options space even as Nifty Futures adding 27 points at 8508.
Tomorrow we are expecting a volatile session and the direction of the breakout will signal the direction of the trend. It has been consolidating after the big move on the 14th and so breakout in any direction will be significant. On the higher side, 8525 is the immediate resistance above which 8550 is the next supply zone and this must be taken out before fresh momentum can be expected. 8590-8612 must be taken out decisively before the bulls can feel comfortable again. On the lower side, 8450 is the immediate support below which 8420, 8400, 8380, 8360 are important levels expected to give some support. Below 8350, the initiative will move in the hands of the bears. A decisive breach of 8335 will signal further weakness.
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RESISTANCE: 8520, 8560, 8600
SUPPORT:  8480, 8440, 8400          

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