The Sensex failed to maintain the early momentum and
gave up its early gains towards the fag-end to close 54 points down at 27876,
led by sell-off in Axis Bank, TCS, Sun Pharma, despite positive global cues.
The domestic markets are trading flat as global investors remained cautious as
the acrimonious US presidential election campaign entered its final week. The
Bank of Japan on Tuesday held off on expanding stimulus and maintained
short-term interest rate target. Market is also watching global cues, with the
U.S. Federal Reserve's meeting set to begin on Tuesday, which could provide
clues on a December rate hike. The Indian equity market opened higher on
Tuesday after Chinese manufacturing gauges climbed to two-year highs and Bank
of Japan kept monetary rates unchanged. The Sensex ended with a
loss of 54 points at 27,877. The Sensex opened at 27966 touched an intra-day
high of 28030 and low of 27846. The Nifty closed with a gain of mere one
points at 8626. The Nifty opened at 8653 hitting a high of 8670 and low of 8614.
We
reiterate our view to hold positive yet cautious approach till 8600 is intact
in Nifty. The Traders with a short-term perspective should tread with caution
and consider initiating fresh long positions on a rally beyond 8600 levels. The
contract can then extend its rally and test resistances at 8630 and 8680 levels
in the near term. On the downside, a decisive fall below key support at 8580 is
needed to alter the bullish momentum and drag the contract down to 8550 and
then to 8500 levels.
Supports: 8580 and 8550
Resistances: 8630 and 8680
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