NIFTY TODAY
Monday belonged to the bulls…!!! Bulls took the charge on the d-street & took nifty above 10500 mark. The Nifty remained highly volatile throughout Monday’s trading session, but recovered sharply by around 100 points from its intraday low and immediate crucial support of 10400 Market traded in a rangebound manner and ended on a positive note. Negative sentiment over a slowing world economy due to trade war and rising cost of funds is continuing to impact the market. The rupee continued to be under pressure as oil prices started to move up due to sudden spurt in tension between the US and Saudi Arabia. The Q2 results season began on a positive note, with index heavyweights such as IT and FMCG delivering in-line with expectation. The week has started on positive nifty future has opened at 10500 & went down to 10405 mark, after that nifty future has give a smart recovery & took nifty future above 10531 & closed the day at 10520 above 30 points.
NIFTY TOMORROW
Levels around the 10555-10575 zone may now provide tough resistance to the index, while the 10 400 level is likely to act as a strong support. The index has broadly negated the formation of lower highs and lower lows of last six weeks and closed above multiple hurdles in the 10455 -10475 zone. The index needs to hold above 10475 to witness an upward move towards the 10555 mark. Downside support has shifted higher to 10400 level from 10350.
Monday belonged to the bulls…!!! Bulls took the charge on the d-street & took nifty above 10500 mark. The Nifty remained highly volatile throughout Monday’s trading session, but recovered sharply by around 100 points from its intraday low and immediate crucial support of 10400 Market traded in a rangebound manner and ended on a positive note. Negative sentiment over a slowing world economy due to trade war and rising cost of funds is continuing to impact the market. The rupee continued to be under pressure as oil prices started to move up due to sudden spurt in tension between the US and Saudi Arabia. The Q2 results season began on a positive note, with index heavyweights such as IT and FMCG delivering in-line with expectation. The week has started on positive nifty future has opened at 10500 & went down to 10405 mark, after that nifty future has give a smart recovery & took nifty future above 10531 & closed the day at 10520 above 30 points.
NIFTY TOMORROW
Levels around the 10555-10575 zone may now provide tough resistance to the index, while the 10 400 level is likely to act as a strong support. The index has broadly negated the formation of lower highs and lower lows of last six weeks and closed above multiple hurdles in the 10455 -10475 zone. The index needs to hold above 10475 to witness an upward move towards the 10555 mark. Downside support has shifted higher to 10400 level from 10350.
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Resistance: 10555, 10595
Support: 10400, 10350
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