28 February 2017


Market remained on the backfoot for the second straight session today ahead of release of GDP data as the Sensex slipped another 70 points to 28743. Investors waited for the December quarter GDP data to find out if demand took a knock following Prime Minister Narendra Modi's surprise decision to recall high-value currency notes in November last year. The sensex which had lost 80 points in the previous session, fell further by 69 points to 28743 after shuttling between 28876 and 28721. The Nifty eased by 17 points to close at 8879. It moved between 8914 and 8867 intra-day.

On the upside, 8900 through 8930 would be the first supply zone to watch out for—once this range is taken out we can expect another dash at the 8950 or higher levels. Further up, resistance is likely to be felt between 8975 and 9000. On the other hand, if it were to go down below 8850 and sustain there it is likely to get good support between 8820 and 8775.
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Resistance: 8900, 8930, 8955

Support: 8850, 8820, 8875

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