“FUTURE BUY HDFC ABOVE 1310 TGT 1322-1332 SL 1300”
The week has started on bullish note.
After last week's consolidation, bulls are back on driver seat on Monday. The
Sensex & Nifty advanced nearly 2 %to their highest level in almost 11
months on Monday on account of firm global cues after strong US monthly jobs
data reassured investors about the health of the world’s largest economy. The
Sensex on Monday settled the day 500 points higher, while the
broader Nifty jumped above its key resistance level of 8450-mark. The
Sensex ended with a gain of 500 points at 26627. The Sensex opened at 26358
touched an intra-day high of 26647 and low of 26358. The Nifty closed with a
gain of 145 points at 8468. The Nifty opened at 8413 hitting a high of 8475 and
low of 8407. Positive US job data and expectations of a good start to the first
quarter earnings season helped the market to rally. The rising stability in US
economy is unlikely to support the Fed to make any changes in the interest rate
in the near term due to the prevailing ambiguity caused by Brexit. This will
provide a space to emergin markets like India to attract foreign funds.
Trend of the market is bullish. Today
nifty has tested its resistance level of 8450, Gave a fresh high of 8475, but
unable to sustain on highs, it tumbled down & closed at 8468. In upcoming
sessions nifty can give the up move only if it manages to hold its major support
level of 8475. If Nifty crosses its resistance level of 8475, then next target
for nifty will be 8500 & 8550. On short side if it reaches to support level
of 8400 corrective move till the levels of 8375 & 8350 can be expected.
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RESISTANCE: 8500, 8550, 8600
SUPPORT: 8400, 8350, 8300
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