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Market snapped its four- session losing streak to end marginally higher today on selective buying by investors. The sensex opened higher at 29369 buoyed by forecast of a normal monsoon and advanced to a high of 29388 but succumbed to profit-booking and slipped to 29241, before concluding 17 points higher at 29336. The broader Nifty shed 1.65 points, to end at 9103.
On the upside, the Nifty has significant resistances at 9135 and 9175 levels. A conclusive rally above the second resistance is needed to strengthen the bullish momentum and take the contract up to 9200 and 9250 in the same period. Therefore, traders with a short-term perspective should desist from trading in the index futures contract as long as it trades in the sideways band between 9135 and 9100.
Market snapped its four- session losing streak to end marginally higher today on selective buying by investors. The sensex opened higher at 29369 buoyed by forecast of a normal monsoon and advanced to a high of 29388 but succumbed to profit-booking and slipped to 29241, before concluding 17 points higher at 29336. The broader Nifty shed 1.65 points, to end at 9103.
On the upside, the Nifty has significant resistances at 9135 and 9175 levels. A conclusive rally above the second resistance is needed to strengthen the bullish momentum and take the contract up to 9200 and 9250 in the same period. Therefore, traders with a short-term perspective should desist from trading in the index futures contract as long as it trades in the sideways band between 9135 and 9100.
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Supports: 9100 and 9050
Resistances: 9175 and 9200
Howdy! This blog post could not be written any better!
ReplyDeleteGoing through this article reminds me of
my previous roommate! He always kept preaching about
this. I'll send this article to him. Pretty sure he'll have a good read.
Thank you for sharing!