“BUY NIFTY FUTURE ABOVE 8155 TG
8195/8240 SL 8110”
“SELL MARUTI FUTURE BELOW 4377 TG
4352/4325 SL 4399”
The market sustained its upward
momentum for the fifth consecutive session Tuesday on stability in global peers
post deferral of Fed rate hike and renewed buying interest in most beaten down
quality stocks. The Sensex gained 5 percent and the Nifty rallied 4.6 percent
in five sessions on buying across sectors. The
Sensex climbed 147 points to 26932, which was 67 points away from 27000-mark.
The Nifty rallied 33 points to 8152. The benchmark indices faced technical resistance at their
respective 200-day exponential moving averages, Most Asian markets traded with gains. Japan's Nikkei ended the day
higher by 1 per cent while the South Korean Kospi closed with gains of 0.6 per
cent. Hong Kong's Hang Seng index was trading with mild losses. Chinese market
remains close for the day on account of public holiday.
The level of 8190 is the immediate resistance which needs to
be crossed decisively on closing basis for any show of strength by the bulls.
It will then come up against the critical resistance zone between 8060 and 8090
and fresh momentum and renewed strength may be expected once these levels too
are crossed decisively. A failure to cross these levels may find Nifty futures
seeking lower levels yet once again. On the lower side, the 7970-7900-range is
the immediate support region. Though the markets are exhibiting early signs of
strength, with volatility continues to be pretty high as the warring parties
fight out on almost equal footing, however, bulls start the week with a
moderate advantage.
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RESISTANCE: 8170,
8200, 8230
SUPPORT:
8140, 8110, 8080
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