2 March 2017


The Nifty faced resistance at higher levels and traded with volatile sentiments due to profit booking. The Sensex and Nifty succumbed to profit-booking and ended in the negative territory after hitting fresh 52-week high earlier in the day. The Sensex and Nifty opened higher tracking overnight gains in US markets where the Dow Jones for the first time ever moved above 21000 level after US President Donald Trump's in his first speech to Congress said he wanted to boost the US economy with a "massive" tax relief and make a $1 trillion push on infrastructure. Better-than-expected third-quarter GDP numbers, earnings from India Inc, a supportive Budget and strong global markets have lifted the sentiment on Dalal Street. The Nifty has already rallied over 10 per cent so far this year. In today's session the Sensex touched fresh 52-week high of 29145 and Nifty moved closer to key 9000 level before traders took profits off the table. 
Nifty closed at 8945 levels, up by 6.2 points. The Sensex closed at 28984 levels, up by 241 points both the indices ended at their six months closing high. On the upside, 9000 through 9025 would be the first supply zone to watch out for—once this range is taken out we can expect another dash at the 9050 or higher levels. Further up, resistance is likely to be felt between 9075 and 9100. On the other hand, if it were to go down below 8900 and sustain there it is likely to get good support between 8850 and 8800.
More about intraday tips on Google +
Resistance: 9000, 9025, 9050

Support: 8900, 8850, 8800

No comments:

Post a Comment