27 February 2017


Markets fell on the first session of the march derivatives series today, Market snapped its 6-day winning streak as banking, infra, auto and telecom stocks came under selling pressure. The selling came in the face of start of March futures and options series in the derivatives segment. The Sensex slipping 80 points to 28813, as investors chose to sit tight ahead of a speech by Donald Trump before the Congress this week while the Nifty also cracked below the 8,900-mark. The Nifty ended lower by 42 points, at 8896, after touching a high of 8951 and a low of 8888.
In tomorrow's session key intraday support for nifty will be 8850-8800 zone which can be tested if the Nifty fails to sustain above 8850.A break below 8850 looks less likely. A reversal from 8850 can take the contract lower to 8800-8750 once again. A strong break above 8950 will pave way for the next target of 9000 or even higher levels thereafter. Traders can wait for dips and go long near 8940. Stop-loss can be placed at 8880 for the target of 8995, and 9025.Outlook for the contract will turn negative only if the index futures declines below 8800 decisively. But such a strong break looks unlikely at the moment.
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Resistance: 8970, 9000, 9025
Support: 8850, 8800, 8750

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