A volatile trading session ended on positive note. Nifty closed the day above 11300 mark. After rising around 1% in the intra-day deals, Nifty lost momentum in the last hour of the trade to settle with marginal gains on Monday buoyed by auto and real estate stocks, as investors awaited headline inflation data due later in the evening.. The Sensex ended at 38214, up 87 points. During the day, the index hit a high and low of 38513 and 38066, respectively. The Nifty ended at 11329, up 25 points. Indian retail inflation probably reached a 12-month high in September, but still leaving room for further interest rate cuts because it's expected to remain below the Reserve Bank of India's target, according to a Reuters poll.
For tomorrow, the level 11435 will likely to act as a strong resistance and the major resistance for the day would be at 11500. The whole range between 11375 and 11420 is likely to act as a strong supply zone; profit taking led selling is highly probable at that zone. We tend to think that it would be very unlikely that the index is going to cross this zone at the very first or second attempt. Thus part profit booking for short term long positions if the index were to reach the above mentioned zone would be a prudent course of action. On the downside, the immediate support zone would be 11275 and 11250 unless this zone is violated decisively, the bulls need not worry.
More about intraday tips on Google +
RESISTANCE: 11435, 11465, 11500
SUPPORT: 11275, 11250, 11225
No comments:
Post a Comment