“BUY NIFTY FUTURE ABOVE 7440 TG 7470, 7500 SL 7400”
“SELL BANKNIFTY FUTURE BELOW 15490 TG 15410, 15300 SL 15550”
“Strategy:
Go short at 7,480 with a stop-loss at 7,505”
Choppy day!!! Lack of movement was there in the market today
due to the expiry week of future & option January contract which will be on
Thursday jan 28, 2016. The
Sensex and Nifty pared some of their gains on Monday and closed on a flat note
on account of selling in frontline blue chip stocks taking cues from European
counterparts. The sentiments also came under pressure after Moody’s poll stated
that the greatest challenge facing the Indian economy is exposure to external
shocks such as interest rate hike in the US and slowdown in China and the risk
has risen since last year. Sensex closed 50 points up at 24485, while Nifty 50
index settled 13 points up at 7436. The Sensex opened at 24541, touched an intra-day
high of 24651 and low of 24434. It finally ended with a gain of 50 points at 24486.
Nifty settles below 7450 level. The Nifty opened at 7469 hitting a high of 7487
and low of 7421, before ending with a gain of 14 points at 7436.
The
Nifty 50 futures contract failed to gained momentum after opening the week with
a 40 point gap up. The contract is stuck inside a range between 7435 and 7485. Key
resistances are at 7485 and 7500. Only a decisive break above 7500 will boost the sentiment and take the contract
higher. As long as the contract trades below 7500, it is likely to remain range bound between
7400 and 7500 for a
few sessions. A breakout on either side of 7400-7500 will give a clear cue on the next leg of move.Immediate
support for the contract is at 7440. A break below this level can drag the contract
lower to 7420 and 7400
today. Traders can wait for the contract to bounce back and go short
near 7480. Stop-loss
can be kept at 7505 for the target of 7430.
Tomorrow no trading session will be there on accounts on Republic day (26 January)
More about intraday tips on
Google +
Supports:
7,440, 7,420
Resistances:
7,485, 7,500
No comments:
Post a Comment