4 January 2017


The lacklustre start to a calendar year 2017 continued for a third day in a row where Nifty and Sensex closed on a flattish note due to disappointing service sector data and weak cues from Europe kept investors nervous. In a volatile trading session, the Sensex & nifty scuttled between gains and losses to settle the day little changed after Centre and state governments failed to reach consensus on the issue of dual control at Goods and Services Tax (GST) Council meeting that ended today. Negative opening in European markets also affected the sentiment. Nifty seems to have taken a prolonged breather at 8190-8200 after rallying from its major support at 7900 levels. Sensex too hovered around 26600-26700 levels during the day.  Finally, the BSE Sensex ended with a loss of nine points at 26634. The NSE Nifty closed with a gain of mere four points at 8196. The Nifty50 failed to close above the 8200 mark.
Going forward we hold 8255 followed by 8310 as our next resistances for the Nifty provided 8215 is broken on closing basis. On the contrary if markets retreat from the said levels 8100 followed by 8050 as the medium term supports for the Nifty.
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RESISTANCE: 8225, 8255, 8295
SUPPORT:  8185, 8145, 8105

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