NIFTY TODAY
Market started the week on a
strong footing with both the gauges closing higher, Sensex has ended at 36241
while nifty has closed at 10883. After trading around the flat line for a
greater part of the session, equity benchmarks have ended in the green. The
Nifty failed to close above 10900. Markets turned flat in the early afternoon
deals on news reports of Qatar exiting the oil cartel OPEC in January
2019.
NIFTY TOMORROW
It is important
to take a note that there are many events lined up in the first half of
December on the domestic as well as international front. Hence, we may see some
volatility increasing in coming days. Traders are advised to trade with proper
exit strategy & keep on booking profit. . Going by the ‘Gap Theory’, a
breach of any major resistance with an upside gap is known as a ‘Breakaway Gap’
and is considered as a sign of strength. Hence, going ahead, we continue to
remain upbeat and expect the rally to extend immediately towards 11150 – 11200
levels. On the flipside, today’s gap area of 10900 – 10850 is likely to act as
a key support zone now.
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Resistance: 11150,
11200
Support: 10900,
10850
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