14 October 2016


The Indian equity market opened in green after massive cuts yesterday and also rebound in Asian markets. India’s annual rate of inflation based on wholesale prices eased on a month-on-month basis to 3.57% in September from 3.74 % in August. The Sensex ended 30 points higher at 27673 and Nifty jumped 10 points to close at 8583. The BSE Sensex ended with a gain of 30 points at 28507. The BSE Sensex opened at 27712 touched an intra-day high of 27764 and low of 27548. The NSE Nifty closed with a gain of 10 points at 8583. The NSE Nifty opened at 8594 hitting a high of 8604 and low of 8549.

On the upside, the Nifty has significant resistances at 8650 and 8700 levels. A conclusive rally above the second resistance is needed to strengthen the bullish momentum and take the contract up to 8750 and 8800 in the same period. Therefore, traders with a short-term perspective should desist from trading in the index futures contract as long as it trades in the sideways band between 8550 and 8500.
More about on Google +
Supports: 8550 and 8500

Resistances: 8650 and 8700

No comments:

Post a Comment