8 March 2016


It's a retracement that we are seeing after last week's rally. Now the fresh selloff has started and it’s mainly because of the global factors. Overall market breadth for the day remained mildly negative. The headline indices scuttled between red and green as investors booked profits in banking shares such as State Bank of India amid cautious trading ahead of major central bank meetings. The Sensex and Nifty managed to end up the choppy session near neutral lines as investors opted to book profit after four days of continuous rally. The Sensex closed 12 points up at 24659, while Nifty 50 settled 0.05 points down at 7485. Broader domestic equity indices witnessed consolidation.
Tomorrow if the bulls manage to hold the Nifty above 7490 zone then they would try to push it up to today’s high level at 7495; however, the intraday movement that we saw on today indicated the nascent upswing has already run into rough weather. Thus, taking out the zone between 7515 and 7535 would be very crucial if it were to turn into a sustainable uptrend. In case, the index falls below 7450 on heavy selling it might retest the strong support zone from 7430 and 7400.
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RESISTANCE: 7520, 7590, 7660
SUPPORT:  7450, 7380, 7310

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