"BUY NIFTY ABOVE 8590 TGT 8630/8670 SL 8560"
Bulls are back with a bang!!!! See-saw movement was there in the
market today. High volatility was seen ahead of F&O expiry on Thursday and
the FOMC decision on interest rates later today. Market ended with gains on Wednesday
amid a highly volatile trading session. Nifty slipped sharply lower in the
first half below the 8600 mark. However as the day progressed it stabilized and
staged a smart recovery in the last half an hour & closed above 8600 level.
The Nifty has started the session in positive territory at 8599. Experiencing
buying interest, the nifty surged to an intra-day high of 8665. However, the
contract failed to sustain its bullish momentum and erased its intra-day gains thereafter.
Breaking the key support at 8600, the contract declined to an intra-day low at 8572
levels. At the closing nifty has staged a smart recovery & closed at 8616.
For tomorrow nifty now tests key resistance at 8680. A strong
rally beyond this level and the next key resistance at 8700 will strengthen the
bullish momentum. In that case, the contract can rally to the 8730 and 8750
band. But the inability to move beyond 8625 will keep the index under selling
pressure. A decisive fall below 8600 can pull the contract down to 8580 and
then to 8550 levels. The next key supports are at 8530 and 8500 levels.
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Supports: 8600 and 8550
Resistances: 8650 and 8680
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