6 October 2015


“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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