22 March 2016

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Call : 07225909997,08982086510
This is a truncated week with two market holidays ahead, which may drive the market into consolidation. Today the market was volatile but in the end, it did retain the gains it had covered post FOMC meet. Caution over a potential US rate hike, coupled with negative Chinese indices and profit booking, subdued the equity markets on Tuesday. A very Smart recovery has seen today in the opening only. Nifty settles above 7700. The Sensex ended with a gain of 45 points at 25330. The Sensex opened at 25331 touched an intra-day high of 24372 and low of 25084. The Nifty closed with a gain of 11 points at 7715. The NSE Nifty opened at 7696 hitting a high of 7722 and low of 7644.

Now the market is expecting a rate cut by RBI. The government’s new defence policy and the interest rate cut on small savings plan has been a welcome note to the market. For Wednesday the Immediate support is around the levels at 7680. Subsequent key intraday supports are at 7650 and 7620. A rise to 7730 looks likely at this juncture.
Traders with a short-term perspective can go long. Stop-loss can be kept at 7680 for the target of 7750. Accumulate long positions if the contract dips to 7680 during tomorrow trading session.
Outlook for the index futures will turn negative only on a strong fall below 7650. But such a fall looks unlikely.
Strategy: Go long with a stop-loss at 7650
More about intraday tips on Google +
Supports: 7750, 7780

Resistances: 7680, 7650

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