22 January 2016


Fantastic Friday!!!!! Market staged a sharp pullback rally today to recover from the previous losses & Nifty managed to regain 7400 level. The Sensex and the Nifty ended 2 % higher on Friday, positing their biggest single-day percentage gain since October as hints of more stimulus measures from the European Central Bank lifted global markets, but still marked a third weekly fall. The Sensex opened at 24122, touched an intra-day high of 24473 and low of 24120. It finally ended with a gain of 473 points at 25436. The Nifty opened at 7356 hitting a high of 7433 and low of 7328, before ending with a gain of 146 points at 7422.
Now, in Monday’s session if there will be any profit taking then the range between 7400 and 7370 would act as a strong support zone; hence, unless you see the index falling below 7370 decisively, the current bullish momentum of the last today’s sessions would remain active. On the way up, once the level of 7460 is taken out it would be 7480 and 7505 would be the two resistance levels to watch out for Monday.
7450, 7470, 7500 are the important resistance but the major hurdle is in the 7530-7550 region and till such time that this region is taken out, any rally may be considered as a pull back or of corrective in nature. On the lower side, 7360-7320 is an important support and if breached decisively is likely to lead to a test of the 7200 mark again.
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Resistance: 7450, 7500, 7550
Support: 7400, 7350, 7300

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