29 May 2017


"BUY NIFTY ABOVE 9600 TGT 9640/9680 SL 9540"
The week began on a strong positive note, with the Nifty ending above the 9600-mark the first time ever. At the close of market hours, the Sensex was up 81 points at 31109, while the Nifty was up 10 points at 9609. Opening weak, the Sensex slid below the 31000 -mark on a string of weak quarterly earnings and hit a low of 30869, but quickly bounced to yet another lifetime high of 31214. It closed up 81 points, at a new peak of 31109, breaching its previous record closing of 31028, reached on May 26. It also went past previous intra-day record of 31074 scaled on May 26. During the session, the Sensex swung almost 345 points both ways. The index has now risen by 807 points in three straight sessions.
The Nifty future also maintained its bull run and touched a new peak of 9639 (intra-day). It settled higher by 10 point, at a new peak of 9609, beating its previous record closing of 9575, recorded on Friday. The Nifty has formed a Bullish Outside Bar, which reinforces the uptrend. Thus, there is scope for the Nifty to extend beyond the short-term target of 9650 and head towards the medium-term target of 9680. On the flip side, 9500- 9450 will continue to act as a major support area.
More about intraday tips on Google +
Resistance: 9635, 9655, 9685
Support: 9500, 9475, 9450

No comments:

Post a Comment