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Staying on the upward trajectory for the fourth straight day on Friday, the Sensex jumped over 112 points and the Nifty regained the 7,500-mark in early trade today on widespread gains amid a firming trend at other Asian bourses but gave up gains after noon. The NSE Nifty was again quoting above the crucial 7500-mark by climbing 30 points, to 7505. Nifty also eroded gains and slipped below 7,500-mark.The Sensex ended 39 points higher at 24646 while the Nifty closed 10 points higher at 7485. The Bank Nifty recorded its best weekly gain in nearly two years and closed the day 1.06% higher.
Staying on the upward trajectory for the fourth straight day on Friday, the Sensex jumped over 112 points and the Nifty regained the 7,500-mark in early trade today on widespread gains amid a firming trend at other Asian bourses but gave up gains after noon. The NSE Nifty was again quoting above the crucial 7500-mark by climbing 30 points, to 7505. Nifty also eroded gains and slipped below 7,500-mark.The Sensex ended 39 points higher at 24646 while the Nifty closed 10 points higher at 7485. The Bank Nifty recorded its best weekly gain in nearly two years and closed the day 1.06% higher.
Investor
sentiment has improved after the government stuck to its fiscal deficit target
for the next financial year, raising hopes the Reserve Bank of India would soon
cut key policy rates. In view of an improvement in sentiment, retail
investors were seen strengthening their bets across the spectrum, helping key
indices continue their upward journey. Some consolidation is the need of the
hour given the kind of run-up we had already seen, Next week trigger
will be in the form of a rate cut, if it comes through.
For Tuesday we are
expecting some good movement from the market We need to watch out for the
levels between 7520 - 7555 to begin with on the upside if the Nifty manages to
stay above this range we would see it moving up further. In that case, the next
range to monitor would be between 7595 and 7625—this is formidable resistance
zone once crossed firmly would see the Nifty scaling up to the zone between 7700
and 7750 and beyond that 7800. Level 7480 will be proved as very good
supporting level for nifty, .If once it go to 7450 then there will higher
probability for nifty to touch 7400-7350 level once again.
NOTE : Monday March 7, 2016 market will be closed on
accounts of MAHASHIVRATRI
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RESISTANCE:
7520, 7590, 7660
SUPPORT: 7450, 7380, 7310
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