Bulls are back on the driver seat. Snapping four-session long
losing streak on Wednesday, the Sensex settled
the day 330 points higher, while the broader Nifty reclaimed its key
8200-mark. The Sensex and Nifty snapped a four-day losing streak on
Wednesday after Union Cabinet approved new civil aviation policy and merger of
five associaties with SBI amid firm Asian markets. Sensex closed 330 points up
at 26726, while Nifty settled 97 points up at 8206. The Sensex opened at 26501 touched
an intra-day high of 26753 and low of 26447. The Nifty closed with a gain of 98
points at 8206. The NSE Nifty opened at 8139 hitting a high of 8213 and low of
8123. The rally today was supported by strong European markets, ahead of Fed
decision, and the cabinet approval for SBI (State Bank of India) units to merge
with itself. MSCI’s decision of not including China A-shares in EM index also
relieved investors. Looking at the US treasuries right now, it doesn’t look
like market is expecting the Fed will hike rates tonight, but it remains to be
seen whether it is a full stop, comma or a semicolon for now.
We continue to maintain a bullish view for market. The earning
season is holding up and there are no major negative sentiments with regard to
corporate earnings. We expect this sentiment to carry forward over the next few
weeks and therefore expect markets to move at least 50 points beyond 8250. On
the downside, we expect the immediate support at 8110.
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RESISTANCE:
8250, 8300, 8350
SUPPORT: 8200, 8150, 8100
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