Markets staged a stellar rally today, on 25 May 25,
2016 the indices closing 2.5 % higher on the back of better than expected
earnings and positive global cues. Markets continue to remain strong with
banks displaying a spectacular rally. Global cues are definitely supporting and
on top of that Skymet came out with the market commentary and raised its
monsoon forecast, which is adding to the positive sentiment. Markets have
opened the session on a robust note mirroring strength in the Asian equities
following a strong finish on the Wall Street on upbeat new homes sales data.
Revised upward its 2016 southwest monsoon forecast by Skymet uplifted the mood.
Today nifty swing higher towards 7855 anticipated yesterday paused midway but
is expected to mature fully today. However, as maintained yesterday along the
trading strategies, the level 7855 mark is likely to is ask questions, and
challenge the upside convictions. Volatility is favored to dominate as the day
matures.
The Sensex ended with a gain of 576 points at 25881. Extending its
gains for the second straight session on Wednesday, the sensex jumped over
500 points, while the broader Nifty settled above its key 7900-mark. The Sensex
opened at 25432 made a high of 25897 & low of 25431. The Nifty closed with
a gain of 186 points at 7935. The Nifty opened at 7812 made a high of 7938 and
low of 7809.
For
tomorrow market will remain volatile due to F & O expiry of May, 2016,
strategy remains buy at support but only for intraday. Nifty intraday support for
tomorrow will be 7800 and 7775 while on upper side 7945 and 7990 are strong
resistance levels only for intraday.
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Supports: 7800 and 7775
Resistances: 7945 and 7990
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