After taking a day’s breather, bulls were back to winning ways on Thursday, as better results from banks and improving sentiment in IT stocks lifted the market mood. . Covering up of pending short positions by speculators on expiry of the April derivatives contracts and encouraging earnings by Yes Bank added to the momentum. Market ended the day on a bullish note, with the Sensex was up 200 points, while the Nifty was above 10,600-mark. The Sensex took off on a positive note at 34532 and advanced to the day’s high of 34747 before ending at 34713, up 212 points. This is its highest closing since 5 February, when it had finished at 34757. The Nifty ended at 10619, up 49 points, after shuttling between 10621 and 10556."BUY RELIANCE 940 PUT @ 15 TGT 19/26"
"BUY DCB BANK ABOVE 196 TGT 198.40/201.50 SL 194.20"
On the upside, the Nifty has significant resistances at 10650 and 10675 levels. A conclusive rally above the second resistance is needed to strengthen the bullish momentum and take the contract up to 10700 and 10750 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 10600 and 10550.
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Supports: 10600 and 10550
Resistances: 10675 and 10725
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