Today the Bulls were marginally ahead of the bears in
the wider market. The Nifty snapped a 2-day losing streak on Wednesday as
traders latched on to the relative safety of defensive pharma and software
stocks and pressed sales on banking shares. The Nifty added 28 points, percent,
close at 8495 after recovering from an intra-day low of 8420 points. But
the Bears were on top in the futures and options space even as Nifty Futures
adding 27 points at 8508.
Tomorrow we are expecting a volatile session and the
direction of the breakout will signal the direction of the trend. It has been
consolidating after the big move on the 14th and so breakout in any direction
will be significant. On the higher side, 8525 is the immediate resistance above
which 8550 is the next supply zone and this must be taken out before fresh
momentum can be expected. 8590-8612 must be taken out decisively before the
bulls can feel comfortable again. On the lower side, 8450 is the immediate
support below which 8420, 8400, 8380, 8360 are important levels expected to
give some support. Below 8350, the initiative will move in the hands of the
bears. A decisive breach of 8335 will signal further weakness.
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RESISTANCE: 8520, 8560, 8600
SUPPORT:
8480, 8440, 8400
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