FOR MORE DETAILS CALL 08982086510
The Nifty began the session on a positive note at 7536, from its previous close at 7512. After marking an intra-day low at 7527, the contract advanced to record an intra-day high at 7578. The nifty has ended with robust gains at 7604. The Sensex rose to over 2-month high while the Nifty closed above its crucial psychological level of 7,600 in trades today, driven by Infosys, HDFC, HDFC Bank and Reliance Industries. The Sensex rose 275 points to close at 24953 and the Nifty advanced 92 points to settle at 7604.The Sensex rallied more than two-month high in late trade with the Sensex climbing more than 300 points on Friday. The Sensex failed to reclaim 25000 level. The index hit an intraday high of 24986, before closing at 24952. The Nifty ended above 7600 for first time since January 8.
Its time for the RBI now to announce a rate cut after global central banks
announcements and that would bring in more flows into our market, the Reserve
Bank of India to cut interest rates by 25 basis points at its policy review on
April 5 after data on Monday showed inflation easing more than expected in
February.
On
Monday nifty will have Key supports at 7550 and 7530 levels. These levels will provide
base to the nifty on declines. Traders with a short-term horizon can buy the nifty in dips with a stop-loss at 7525 levels.
Continuation of the uptrend can test the resistances at 7625 and then at 7650.
An emphatic breakthrough of 7665 is needed to strengthen the uptrend and take
the contract higher to 7690 and 7720 in the long term. Key support below 7530
is at 7500. A slump below 7500 can bring on selling pressure and drag the
contract down to 7475 and 7450 levels.
STRATEGY: USE
DECLINES TO BUY THE CONTRACT WITH A STOP-LOSS AT 7525
Supports: 7530 and
7500
Resistances: 7610 and 7650
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