NIFTY
Start-long position at 7600.
Big moves could go till 7650, 7720.
A long 7600 c (91), long 7700 c (51) could gain 10-15
BANK NIFTY
start-long positions at 16000.
Big moves could go till 16100, 16200. Uptrend may continue.
After a roller coaster ride, the market managed to gain
strength in last hour of trade Wednesday with the Nifty scaling back above 7500
aided by index heavyweights. Markets rebounded in late trades to
end higher, amid a volatile trading session, led by index heavyweights. In
a sudden reversal of trend, key benchmark indices slipped into the red from
green in mid-morning trade. Sensex, was off 92 points at 24589. The sensex ended
up 172 points at 24854 and the Nifty ended up 52 points at 7562.
At this juncture, we are observing a strong resistance zone
around 7600-7620 on a closing basis. The Nifty is likely to continue this down
move as long as it maintains its position below the mentioned resistance zone. On
the flip side, we have been observing a strong support around 7490 on an
intraday basis. A move below this level may drag the index to 7450-7420 levels.
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Supports: 7,600 and 7,580
Resistances: 7,490 and 7,450
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