It was a follow-up rally of nifty on Thursday led by banks,
oil & gas, capital goods, auto and metals stocks. Benchmarks rallied more
than 1% on Thursday and over 4% in the week so far.
The S&P CNX Nifty rose
52.55 points to 5049,its highest closing
level since 7 may 2012. The index hit a high of 5059 and low of 5007 in
intraday trade.
We expect the current momentum in the index to continue as
the majority of stocks is deeply oversold and a sharp technical pullback on the
short covering was pretty much on the cards.
The momentum is still positive and would be supportive for
further gains towards resistance at 5,050.. Only if prices manage to sustain
above it for a couple of days can the current rally spill over into an
intermediate-term recovery towards 5,300 and higher
On the lower side, support is seen near 4,950
BUY NIFTY FUTURE ABOVE 5070 TG 5100,5130,5160 SL 5040.
.You can also check for option
BUY NIFTY FUTURE ABOVE 5070 TG 5100,5130,5160 SL 5040.
.You can also check for option
Resistance 1
|
5060
|
Support 1
|
5010
|
Resistance
2
|
5090
|
Support 2
|
4900
|
Resistance
3
|
5140
|
Support 3
|
4875
|
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