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.
More about intraday tips on Google +
Resistance: 8900, 8930, 8955
Support: 8850, 8820, 8875
Very informative article post.…
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