Bulls are back in action
& took the nifty above 10850 mark. Nifty increased 88 points to conclude the
session at 10880 after shuttling between 10887 and 10788. Market sentiments
were boosted by IT and financial stocks, amid heavy foreign and domestic fund
inflows. February derivatives expiry on Thursday also added the momentum.
Besides, other Asian markets scaling a five-month high and a higher opening of
European shares after US President Donald Trump announced extension of the
March 1 deadline for increasing tariff on import of Chinese products, as talks
between the two sides were making "substantial progress", too boosted
investor sentiment. Sentiments also got a lift after the GST Council at its
meeting on Sunday slashed tax rates on under-construction housing properties to
5 % without input tax credit, from the existing 12%.
Now going ahead, as long as 10580 is not broken, traders should look to trade on the positive side. Before this, 10725 – 10650 would be seen as immediate supports. On the flipside, ‘200-day SMA’ level of 10950 would be seen the level to watch out for. A move beyond this would trigger a decent up move towards 11000 – 11100 levels.
Now going ahead, as long as 10580 is not broken, traders should look to trade on the positive side. Before this, 10725 – 10650 would be seen as immediate supports. On the flipside, ‘200-day SMA’ level of 10950 would be seen the level to watch out for. A move beyond this would trigger a decent up move towards 11000 – 11100 levels.
DAILY
RESISTANCE FOR NIFTY: 10950, 11000, 11100
PIVOT POINT: 10800
PIVOT POINT: 10800
DAILY SUPPORT FOR NIFTY: 10750, 10700, 10600
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