The Sensex ended up 230.48 points at
27010. The Nifty was up 71 points at 8179. About 1525
shares have advanced, 1187 shares declined, and 158 shares were unchanged. Snapping the three days long
losing streak, the Sensex surged over 250 points to reclaim its
crucial psychological level of 27000 on Thursday tracking positive trend seen
in other Asian markets as the US job data released on Wednesday dampened
prospects of Federal rate hikes, while broader Nifty was nearing
towards its key 8200 mark.
We continue to expect the Nifty to remain
within a small range of 8250 to 8050 whilst the 8250 mark is likely to act
as a major hurdle for the bulls. It's advisable to stay light on positions and
focus more on stock specific moves. It was a small range day and an inside day for
Nifty future as its range was encompassed within the range of the previous day.
This makes the next trading session important as it is likely to give a
breakout and trend in the direction of the breakout. The level of 8118 is the
immediate support but the critical support is 8100-8085 and a decisive breach
of this region will see the bears returning to the center stage again. The 8137
level is the immediate resistance but till such time that the 8170-8220 region
is decisively crossed, the warring sides are evenly placed. 8152, 8170 and
8200, where the 200-day exponential moving average is posited are strong supply
zones which must be taken out for signaling strength.
RESISTANCE 8220, 8260, 8300
SUPPORT 8140, 8100, 8040
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