14 September 2016


The Indian equity market fluctuated between gains and losses and closed higher on Wednesday. Market continues to trade in a narrow range with Sensex and nifty swinging between negative and positive zone. The Nifty started the session on a negative note, opening at 8711 levels. Following an initial decline, the nifty recorded an intra-day low at 8689 and began to recover.  The Sensex ended with a gain of 19 points at 28372. The Sensex opened at 28345 touched an intra-day high of 28416 and low of 28259. The NSE Nifty closed with a gain of 11 points at 8727. The Nifty opened at 8711 hitting a high of 8740 and low of 8689.
Traders with a short-term perspective can stay on the sidelines and consider initiating fresh long positions on a decisive rally beyond the 8730 level with a fixed stop-loss. The contract can then extend its rally to the 8740-8780 band in the short term. Only a strong breakout of 8800 will reinforce a further bullish momentum and take the contract higher to 8830 and 8850 levels. The contract has a key support at 8020; a slump below the level can pull it down to 8680. The next key supports are placed at 8650 and 8630 levels.
Strategy: Wait and initiate fresh long positions on a strong rally beyond 8730 levels with a fixed stop-loss.
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Supports: 8680 and 8650
Resistances: 8750 and 8800

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