Bulls are back on the driver seat!!! The
Nifty futures is trading on a positive note. It opened with a gap-up at 7,421
and is continuing to trade above the psychological 7,400 level. Snapping three-day long losing streak, the
Sensex ended 115 points higher in trade today, while CNX Nifty closed
above its key 7400-level. The Indian equity market snapped three-day
losing streak and ended higher on Thursday.Infosys , HUL, Tata Motors push
Nifty back above 7400; ends 42 points higher. The Sensex opened at 24386,
touched an intra-day high of 24514 and low of 24225. It finally ended with a
gain of 115 points at 24338. The NSE Nifty opened at 7411 hitting a high
of 7457 and low of 7366, before ending with a gain of 42 points at 7404.
Nifty future is currently hovering in
the 7435-7445 resistance zones. Inability to decline below 7,400 and an
immediate reversal from the intraday low of 7397 leaves the outlook positive
and keeps the possibility high for the contract to break above 7445. A rise to
7475 and even 7500 looks likely. Immediate support is at 7,430 which is likely
to limit the downside. Short-term traders with high risk appetite can go long
with a tight stop-loss at 7420 and for the target of 7475. The contract will
come under pressure only if it declines below 7400. Such a fall can drag it
lower to 7370 and 7350 thereafter.
Strategy: Go long with a
stop-loss at 7420.
Resistances: 7475 7500
Supports: 7400, 7350
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