6 March 2017


Extending this year's rally, the Sensex and Nifty surged to two-year highs on Monday with Reliance Industries leading the gains with a 4% surge. Indian shares opened on a strong note on Monday as the government moved a step closer towards launching a long-awaited Goods and Services Tax (GST) from July, after a panel of central and state finance officials finalized two key bills on Saturday. Further, better-than-expected third-quarter GDP numbers, earnings from India Inc, a supportive Budget and strong global markets have also lifted the sentiment on Dalal Street. With today's gains, Nifty has already rallied nearly 10% so far this year.
The Sensex rose 216 points to close at a two-year high of 29048 while Nifty advanced 0.74% , or 66 points, to close at 8963 - a level not seen since March 3, 2015. Buy on dips the contract can then extend its rally and test resistances at 9000 and 9050 levels in the near term. On the downside, a decisive fall below key support at 8800 is needed to alter the bullish momentum and drag the contract down to 8750 and then to 8700 levels.
More about intraday tips on Google +
Supports: 8900 and 8850
Resistances: 9000 and 9050

No comments:

Post a Comment