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All eyes are now on RBI monetary policy decision. Major market trends may remain positive as long as the Nifty
holds above the psychologically important 9200 mark. This would be a
primary support with more support available below the “gap” at around
9175-9150. Technicians will note that the gap has not been filled in this week
remaining 2 trading sessions. Primary resistance would now be at 9285-9310
zone. If the uptrend persists, short-term targets will be in the 9325 zone.
Obviously every trend following system would recommend staying long. In
technical terms, all trends (short/ medium-term and long-term) seem strongly
bullish despite the probability of a further short-term correction on
profit-booking.
Market
clocked a record closing high helped by a rally in realty and consumer
durable stocks, while investors awaited RBI monetary policy decision. The
Sensex retreated over 80 points after reaching its 52-week high of 30007. Nifty
witnessed a gradual upbeat with range-bound volatility and finally recovered to
close at record level. The Nifty started the day on a record high of 9252,
surpassing its previous high of 9245 it touched on April 3, 2017. The index, however,
pared its gains to trade in negative as investors stayed cautious ahead of the
2-day Reserve Bank of India policy meet. The Monetary Policy Committee,
headed by RBI Governor Urjit Patel, began its two-day meeting today amid
experts saying that the central bank is likely to hold the repo rate while
unveiling the first bi-monthly review of 2017-18 in view of hardening
inflation. The Sensex closed 64 points up at 29974. The Nifty ended 27 points higher
at 9265.
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Resistance: 9300, 9335, 9375
Support: 9200, 9175, 9150
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