11 September 2015


Markets finished the last session of the week on a weak note amid a roller coaster ride as investors remained on their toes ahead of the US Fed meet due next week and the IIP data for the month of July due to be unveiled later today. Volatility prevailed ahead of the forthcoming industry output and inflation data leading a barometer index of the Indian equities to end marginally lower by 11 points on Friday. Broader markets too remain flat with breadth in favour of the advances. Investors remain wary of taking positions before the weekend. The Sensex and Nifty closed on a flat note on Friday ahead of IIP data, due later in the day.
The 30-scrip sensitive index (Sensex) closed 11 points down at 25610 . Volatility was also observed on the wider 50-scrip Nifty. It closed marginally up by 1 point at 7789 points.
Markets are expected to remain choppy till the US Fed meet next week. We expect the volatility to continue and would wait for a clear direction post the event. Further, we would also take a call post the key economic data. The gap of the previous day was closed completely. 7820-7830 is the immediate resistance which must be decisively crossed for any meaningful rally from here and it may seek lower levels again if it fails to do so. It must close above 7870 for fresh momentum. 7784, 7770, 7750 are important supports but 7714-7700 is the critical support at this juncture. It must sustain decisively above this level on declines to signal halt in selling. A close below 7690 may lead to fresh panic selling.
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RESISTANCE: 7830, 7890, 7950
SUPPORT:  7770, 7710, 7650

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