Bulls
are back in action after two days of battering & took nifty future above 11400 mark. A
dramatic recovery in the rupee has helped market surge to the high points. The
Indian currency surpassed the level of 72 per US dollar-mark, leading to a
massive buying among investors. The Sensex managed to end over 300 points
higher. At the close of market hours, the Sensex ended higher by 304.83
points at 37717, while the Nifty soared 83 points at 11370. Wednesday’s
gains as a counter-trend rally. They believed the gain may extend when trading
resumes on Friday. Markets will be shut on Thursday on account of Ganesh
Chaturthi.
Only above 11500 levels could help bulls to comeback in the ground. Traders should trade with proper strategy in such scenario. It looks prudent for traders to avoid short-term bets and focus on any breach of larger trend, which may chalk out the future course of action for the indices. The 11300 level still looks like a sacrosanct support, a breach of which shall take the Nifty future below the 10450 level. A decisive close above the 11500 level should usher in a sustainable uptrend.
Only above 11500 levels could help bulls to comeback in the ground. Traders should trade with proper strategy in such scenario. It looks prudent for traders to avoid short-term bets and focus on any breach of larger trend, which may chalk out the future course of action for the indices. The 11300 level still looks like a sacrosanct support, a breach of which shall take the Nifty future below the 10450 level. A decisive close above the 11500 level should usher in a sustainable uptrend.
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Resistance: 10750, 10800, 10850
Support: 10575, 10535, 10500
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