Maruti
calls given in the last post achieved 1st tgt
A narrow trading session was witnessed in the markets
today. The oversold market conditions provided some sort of buying interest.
Nifty today opened at 7959, made an intraday high and low of 7995 and 7940
respectively and finally closed at 7982 up around 17 points. The market breadth
stood negative. Today Nifty tries to regain its psychological 8000- mark but
failed and ends on flat note. Market participants were also keeping a close eye
on the macro data which will be unveiled later in the day.Hence, we are
likely to see further volatility and there is a possibility of consolidating
downwards to 7800 levels. Over the next few weeks, we do expect much lower
levels than the above support zone yet for today it needs to be watched very
closely since it still is a very significant support area. In case, it gives
way then even a level close to 7850 may come sooner than later.
The market opened on a flat note and was volatile during the
day. The Sensex recovered
over 54 points to close at 26425 on fag-end buying in some bluechips, led by
banking, power and oil & gas sector stocks, and ahead of retail inflation
and IIP data to be released today. However, concerns over a weak monsoon and
slow credit growth, kept investors cautious. Sentiments were buoyed after
Finance Minister Arun Jaitley said banks have promised greater rate cuts in
coming weeks.
More about intraday tips on Google +
RESISTANCE: 8000, 8050, 8100
SUPPORT: 7950, 7900, 7850
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