30 December 2015


“BUY NIFTY ABOVE 7844 TG 7860,7890 SL 7820”
Bears took charge of Dalal Street on Wednesday as the market saw selling pressure in last couple of hours of trade today, weighed down by technology, banking & financials and select oil stocks. The Nifty shut shop below psychological 7900-mark ahead of expiry of December derivative contracts. The BSE Sensex and NSE Nifty snapped a two-day winning streak on Wednesday on the back of unwinding of long positions ahead of the derivatives expiry, coupled with profit bookings. The BSE Sensex opened at 26124, touched an intra-day high of 26130 and low of 25939. It finally ended with a loss of 119 points at 25963. The NSE Nifty opened at 7939 hitting a high of 7945 and low of 7898, before ending with a loss of 33 points at 7896.
The 7875-7855 region is now an immediate and important support and as long as the 7530 level holds on declines, chances of a strong rally from here remain. On the higher side, though 7960 is the immediate resistance, the next major supply zone is now around 7980-8000 and fresh momentum may be expected if this region is decisively crossed. A close below 7865-7850, however, at this juncture will spell trouble for the bulls.
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RESISTANCE: 7950, 8000, 8050
SUPPORT:  7900, 7850, 7800

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