On
expected lines, the Nifty on Monday opened with a gap on the higher side
at 10317 and rose to an intraday high of 10354. It slipped marginally to 10302
in morning trade but bulls pulled the index to close above 10350 level. The
index rose 52 points during the day to close at 10352. The key support level is
placed at 10275, followed by 10235. If the index starts to move higher, key
resistance levels to watch out are 10375 and 10422. The Nifty Bank closed at
25420. Important level, which will act as crucial support for the index, is
placed at 25300, followed by 25200. On the upside, key resistance levels are
25500, followed by 25600. Investors await Federal Reserve policy
decision and exit poll on Gujarat assembly elections.
As of now, the markets have inched up once again and
trade above all its moving averages. The lead indicators are still under a
pattern formation involving lower tops and this may see the market encountering
resistance once again at higher levels. All in all, we expect a
quiet start to the week with a positive bias but also expect the market to face
resistance going ahead. We recommend avoiding shorts but also recommend
continuing to remain highly selective and vigilantly protect profits at higher levels.
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Resistance: 10370, 10400,
10450
Support: 10275, 10220, 10175
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