Domestic markets rose to a seven-week high on Friday
tracking a rally in Asian markets after minutes from the Federal Reserve's
latest meeting quelled expectations of an imminent US rate hike. The gains come
as market gears up to kick off earnings season next week, with Infosys
reporting quarterly results on Monday. The Sensex ended the day at 27079 levels
up 233 points, while broader Nifty index closed 60 points up at 8189. Both
indexes had hit their highest intraday levels since mid-August in today's
trade. Sentiment on the Street remained positive with 19 of the 30 stocks
ending the day in green.
The market will stay upbeat as we head into the earnings
season, and we expect results to drive the movement in the next few weeks. The index will continue to remain
strongly bullish by Monday. On Monday another gap up opening could well be
likely! We are likely to see further upward movement in the Monday’s session.
However, the range between 8240 and 8288 would emerge as a strong supply zone,
once if these levels will cross 8300 will be the next target for bulls. At the
other side if down trend will take place then 8150 will act as highest
supporting level for nifty.
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RESISTANCE: 8235,
8285, 8335
SUPPORT: 8185,
8135, 8085
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