The
Sensex failed to hang on to its positive start as it slipped 51 points while
the Nifty traded below the key 8,200-level as caution set in before the Federal
Reserve rate decision later in the day. Investors preferred to wait and watch
ahead of the US rate-setting committee’s verdict on rate hike. The market
mirrored the volatility seen in other emerging markets and settled
below the 8,200 mark as investors remain cautious ahead of today’s Fed policy.
A 25 bps rate hike is widely expected but any hawkish comment would
act as a cloud over the EMs. Back home, both the CPI and WPI
inflation has declined in November after currency shortage depressed the
consumer demand. This may provide RBI a room for ease in interest rate. The
Sensex ended at 26602, down 94 points, while the NSE Nifty quoted 8182, down 39
points. The Sensex indices opened at 26707, touched an intra-day high of 26736
and low of 26547. The NSE Nifty opened at 8229 points, hitting a high of
8229 and low of 8165.
On the upside,
the Nifty has significant resistances at 8250 and 8300 levels. A conclusive
rally above the second resistance is needed to strengthen the bullish momentum
and take the contract up to 8330 and 8350 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 8150 and 8115.
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Supports: 8150 and 8115
Resistances: 8250 and 8330
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