After
a lot of volatility, the market ended on a firm note. After making a cautious
start, Sensex & Nifty continue to hold their head above water but in
absence of any positive trigger, amid expiry of December futures and options
(F&O) contracts later today. Sentiments got some support with report that
the Cabinet Committee on Economic Affairs (CCEA) has approved the Road
Connectivity Project for Left Wing Extremism (LWE) Affected Areas. Besides,
covering-up of pending short positions with Thursday being this year’s last
session of the expiry in the derivatives segment supported the upside. Going
forward, the market may turn volatile as traders may roll over positions in the
Futures & Options (F&O) segment from the near month i.e. December 2016
series to next month i.e. January 2017 series. Investors remained cautious with
report that over 90 percent of junked notes are already deposited in banks,
dimming the expectation that Reserve Bank of India (RBI) will be able to give a
substantial dividend to the government.
The Sensex ended with a
gain of 155 points at 26366. The BSE Sensex opened at 26429 touched an
intra-day high of 26430 and low of 26168. The NSE Nifty closed with a gain of
69 points at 8104. The NSE Nifty opened at 8031 hitting a high of
8111 and low of 8021.
We expect 8015-8000 levels on Nifty to
provide a decent support. Breaking 8100 would be a daunting task for the
market. However, sooner or later we expect the index to surpass this hurdle to
extend the bounce-back rally.
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Resistance: 8130, 8160,
8190
Support: 8015,
7985, 7955
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