Wednesday's volatile trading session has ended on negative
note on account of the Union Budget 2019 & F&O expiry on January series.
Sensex ends flat at 35591 ahead, Nifty settled at 10652. The Nifty opened
higher at 10702 and touched an intraday high of 10710, but wiped out gains in
late morning deals to hit day's low of 10612 and remained rangebound for rest
of the session. Traders also await Federal Reserve's two-day meeting outcome
tonight.
The market is heading for events, like F&O expiry and then for a binary event in the form of interim budget on Friday, it will continue to remain volatile and choppy without giving a proper short term trading opportunity. On closing basis more or less indices remained flat suggesting that market is making an attempt to stabilize around 10600 kind of levels. The 10600 level still looks like a sacrosanct support, a breach of which shall take the Nifty future below the 10550-10500 level. A decisive close above the 10750 level should usher in a sustainable uptrend.
The market is heading for events, like F&O expiry and then for a binary event in the form of interim budget on Friday, it will continue to remain volatile and choppy without giving a proper short term trading opportunity. On closing basis more or less indices remained flat suggesting that market is making an attempt to stabilize around 10600 kind of levels. The 10600 level still looks like a sacrosanct support, a breach of which shall take the Nifty future below the 10550-10500 level. A decisive close above the 10750 level should usher in a sustainable uptrend.
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Resistance: 10750, 10850, 10950
Support: 10600, 10550, 10500
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