See-saw movement was there in
the market. The market exhibited high amount of choppiness in trade today as
index bellwethers were in divergent mood. The morning joy was very short-lived
as the market indices, after opening with a gap-up in early trades gave away
all its gains and ended with losses. The market indices scuttled between
red and green as some sectors such as banks recovered from recent losses
although sentiment remained weak as oil prices continued to fall, hitting Asian
markets. The stock markets ended Thursday's volatile session on a
weak note for the second day in a row.
In a volatile trading session,
the sensex fell 100 points on Thursday to end below its crucial
psychological level of 24000, while Nifty settled below its key 7300-mark.
The Sensex opened at 24195, touched an intra-day high of 24352 and low of 23862.
It finally ended at 23962. The Nifty opened at 7377 hitting a high of
7399 and low of 7250, before ending with a loss of 33 points at 7277.
Nifty has formed a 'Hammer' pattern in
the daily chart .it is making series of lower, which suggests that it is moving
in a downward sloping channel with lower trend line support placed around 7200.
A break below the same will open the downside towards 7000. However, sharp
corrections tend to provide choppy movement wherein index will have few days of
uptick followed by few days of downtick. A sustainable move above 7365 levels
may result into some pullback rally in upcoming sessions. Going forward, the
immediate support for the Nifty is placed at 7240 and 7200 levels. On the flipside,
resistance is seen at 7355 and 7385 levels, but the major hurdle is in the 7420-7480
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.More about intraday tips on Google +
Resistance: 7300, 7350, 7400
Support: 7250, 7200, 7150
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Is this nifty spot or future level
ReplyDeleteThank you Mr. Darshan for reading my blog. This levels are of nifty future.
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