Market opened
flat on Thursday after the US Federal Reserve left rates unchanged and
signaled one more hike by the year-end. Market had a weak day of trade as both
the indices ended on bearish note, but the Nifty settled above 10100-mark. The
Sensex closed down 30 points at 32370, while the Nifty ended down by 19
points at 10121. The Nifty future started the day at 10151 made a high of
10174 and came down to 10072 and finally closed below support level 10150 to
10137. Total 102 points movement was there in the nifty today.
For nifty future we see a strong support at 10100 and 10050 levels. These will work as immediate support while resistance is seen at 10195 which is near all time high. The undertone is clearly bullish as the lower levels have observed some accumulation with buying coming in though it was specific to Nifty index. I strongly recommend keeping exposures to moderate levels. Shorting should be avoided, if there is a convincing breach on the higher side as short covering can occur. Until a directional bias is established, stock-specific approach is advised.
For nifty future we see a strong support at 10100 and 10050 levels. These will work as immediate support while resistance is seen at 10195 which is near all time high. The undertone is clearly bullish as the lower levels have observed some accumulation with buying coming in though it was specific to Nifty index. I strongly recommend keeping exposures to moderate levels. Shorting should be avoided, if there is a convincing breach on the higher side as short covering can occur. Until a directional bias is established, stock-specific approach is advised.
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Resistance: 10200, 10225,
10250
Support: 10100,
10050, 10000
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