8 May 2017


The week has started on a positive note. The Sensex ended today's rangebound on a positive note while the broader Nifty closed above its psychological level of 9300 on the back of gains in ICICI Bank, Infosys, TCS and Axis Bank. However, the gains were capped due to weakness in other bluechips like ITC, HDFC & L&T. Earlier in the day, the Sensex rose over 150 points and Nifty touched intraday high of 9339 before turning rangebound for rest of the session. The Sensex was closed 67 points up at 29926, while the Nifty closed 25 points up at 9310. The market gained on global optimism led by favorable outcome of French presidential election & government’s decision to give more power to RBI to deal with stressed assets. The merger of cement majors has been taken positively by investors and supported the market sentiment.
On the upside, the Nifty has significant resistances at 9355 and 9385 levels. A conclusive rally above the second resistance is needed to strengthen the bullish momentum and take the contract up to 9420 and 9450 in the same period. Therefore, traders with a short-term perspective should desist from trading in the index futures contract as long as it trades in the sideways band between 9300 and 9350.
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Supports: 9270 and 9240
Resistances: 9335 and 9370

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