"BUY NIFTY ABOVE 8360 TGT 8400/8430 SL 8325"
Stock markets ended the day
with marginal gains on Thursday tracking firm European markets. Sensex closed
34 points up 27201, while Nifty index settled 2 points up at 8337. The
Nifty started the session on a negative note at 8347. It is volatile and
continues to trade sideways in a narrow range between 8330 and 8,370. Nifty
closed with a loss of mere two points at 8338. The Nifty opened at 8342 hitting
a high of 8362 and low of 8318. Sentiments also got some boost after the
newly appointed Minister of State for Finance Santosh Gangwar’s statement that
the government is confident of getting the much-delayed GST Bill passed in the
upcoming Monsoon session of Parliament.
The nifty has a key support in
the band between 8325 and 8330. A conclusive fall below this base will
strengthen the bearish momentum and drag the contract down to 8300 and then to
8275 levels. Subsequent support is placed at 8250 levels. On the other hand,
key resistance at 8370 is limiting the upside for the contract. Conclusive
breakthrough of the upper boundary at 8370 can accelerate the contract higher
to 8400 levels. Further rally above 8400 can encounter resistances at 8415 and
8430 levels in the short term. Therefore, traders with a short-term view should
tread with caution as long as the contract trades range-bound. A strong rally
beyond 8370 will be cue for initiating fresh long position with a stop-loss at
8355 levels.
FOR TOMORROW- Go long
on a strong rally above 8375 levels with a fixed stop-loss at 8335 levels.
Supports: 8335, 8310, 8275
Resistances: 8375, 8400, 8425
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