Bulls are
back on driver seat after good action in PSU and private sector
banking shares as the weekly derivative contracts of the Bank Nifty expired on Thursday.
The Sensex closed up 123 points at 31369. The Nifty future ended above
9650-mark at 9668 after clocking 9702 during the day’s trade. We expect a
modestly positive opening today, and expect the market to show a cautious
uptick in prices in the next few days. However, cautious mood will prevail
under the given circumstance. We expect the Nifty future to test the 9750 mark
if it crosses the 9735 level, but it would be a while before significant
breakouts are achieved. The Nifty future will face resistance at the 9725
and 9755 levels on Friday. Supports should come in at 9640 and 9610
levels.
Pattern analysis showed the market is likely to inch up, but on
the upside, it may face resistance from the rising trend line that it had
breached on the downside. This trend line is likely to act as resistance on the
way up. Given the rising nature of this trend line, the likely pattern
resistance levels too will keep shifting higher. A look at the overall
structure makes two things very evident. First, the market has attempted
to form a good base around its 50-DMA, and secondly, if we visually examine the
patterns of the lead indicators, they are showing upward inclinations as well.
Overall, though on a cautious note and with each rise remaining vulnerable to
some volatility, the market may continue to post modest upticks.
More about intraday tips on Google +
Resistance: 9725, 9745,
9765
Support: 9640,
9620, 9600
No comments:
Post a Comment