“BUY NIFTY ABOVE 7440 TG 7460,7499 SL 7410”
NIFTY
Start-long position ABOVE
7470.
Start short position BELOW
7400
Big moves could go till
7600, 7320.
BANK NIFTY
Start-long positions ABOVE
15350.
Start short position BELOW
15190
Big moves could go till
15600, 15000. Uptrend may continue.
Volatility was witnessed
there in the market today. Bulls are back on the driver’s seat. Bulls took a charge over Dalal Street on Tuesday as global
rally post China GDP data and short covering helped equity benchmarks snap
four-day loss. Banking stocks along with index heavyweights like Reliance
Industries and L&T drove market higher. The broader markets outperformed
benchmarks. Sensex snapped three-day losing streak on Tuesday. The Sensex closed 291 points higher at 24479 and the Nifty ended with 1 % gains at 7435.
The gains in the markets were mainly led by banking, energy and infra stocks.
On the upside, 7450 through 7480 would be the first
supply zone to watch out for—once this range is taken out we can expect another
dash at the 7500 or higher levels. Further up, resistance is likely to be felt
between 7530 and 7550. On the other hand, if it were to go down below 7380 and
sustain there it is likely to get good support between 7350 and 7330.
More about intraday tips on Google +
Resistance: 7450, 7500, 7550
Support: 7400, 7350, 7300
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