9 January 2017


The market remained range-bound in choppy trade today, ending about Sensex (33) points down as investors preferred to stay light ahead of earnings season and macroeconomic numbers amid estimates of slowdown in the country's GDP growth. Caution prevailed on sustained outflows by foreign funds ahead of earnings season amid a weak trend at the European markets in their late morning trade. Sensex started off on a strong footing and advanced to a high of 26860 on persistent buying by domestic institutional investors. However, it succumbed to profit-booking at higher levels, falling to 26701, before settling 32 points lower at 26726. The NSE Nifty, after shuttling between 8263 and 8227 levels finally settled lower by 7 points, at 8236.
Technically, analysis would remain same and Indian Stock Market is still in positive zone. Market would enter into negative zone once Nifty closes below 8200 levels for Nifty Traders can initiate fresh short position once market closes below these levels. Market has consolidated for long time and now there are strong possibilities of a breakout or breakdown in upcoming days. Once Nifty closes below 8200 levels then market would see a sharp breakdown. So traders can hold long positions only till Nifty hold these levels by closing. Nifty would see strong support at 8180-8150-8125-8100 whereas strong resistance would be seen at 8265-8285-8305-8355 levels.
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Resistance: 8265, 8295, 8335
Support: 8200, 8175, 8150

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