"SELL NIFTY BELOW 8730 TGT 8700/8650 SL 8760"
Flat
starting of the week due RBI policy review tomorrow. Extending gains for the
third straight session, the Sensex on Monday settled the day 104 points
higher, while the broader Nifty came off its 52-week high but ended
above its key resistance level of 8700.The Sensex ended with a gain of
104 points at 28183. The BSE Sensex opened at 28182 touched an intra-day high
of 28226 and low of 28128. The Nifty closed with a gain of 28 points at 8711.
The Nifty opened at 8713 hitting a high of 8723 and low of 8697.
Nifty's
close above 8700 was suggestive that rate cut prospects in the next policy
meeting is also being priced especially, with the government notifying an
inflation target of 4% midpoint, which is in line with RBI's figures For
making new high nifty have to pass out 8800 resistance level after that 8850
& 8900 will be the target for nifty, whereas 8600 will be the best
supporting level. For any correction nifty have to crack 8550 level, once 8550
will break 8500 would be the target for nifty.
Supports: 8800, 8850, 8900
Resistances: 8600, 8550, 8500
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