Extending this year's rally, the Sensex and Nifty
surged to two-year highs on Monday with Reliance Industries leading the gains
with a 4% surge. Indian shares opened on a strong note on Monday as the
government moved a step closer towards launching a long-awaited Goods and
Services Tax (GST) from July, after a panel of central and state finance
officials finalized two key bills on Saturday. Further, better-than-expected
third-quarter GDP numbers, earnings from India Inc, a supportive Budget and
strong global markets have also lifted the sentiment on Dalal Street. With
today's gains, Nifty has already rallied nearly 10% so far this year.
The
Sensex rose 216 points to close at a two-year high of 29048 while Nifty
advanced 0.74% , or 66 points, to close at 8963 - a level not seen since March
3, 2015. Buy on
dips the contract can then extend its rally and test resistances at 9000 and 9050
levels in the near term. On the downside, a decisive fall below key support at 8800
is needed to alter the bullish momentum and drag the contract down to 8750 and
then to 8700 levels.
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Supports: 8900 and 8850
Resistances: 9000 and 9050
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