Bulls are back on the track &
headed toward the 11000 zone. It formed a bullish candle on daily scale by
surpassing the immediate hurdle at 10888 and 10929 levels and saw the highest
daily close in 17 sessions. Market extended gains, as optimism in
pre-election rally after ease in geopolitical tensions supported investor
sentiment. The Sensex was up 378 points at 36442, while Nifty was up 124 points
at 10987.
Bulls rally will be continued
in Wednesday session also. Supports are shifting higher gradually. As long as
Nifty holds above 10900, the momentum could extend towards 11000 and then its
lifetime high of 11,171. On the downside, major support exists at 10875 and
then 10850 levels. Nifty appears to have registered a decisive breakout,
thereby shrugging off the last week’s range bound behavior, as it registered a
solid bullish candle with a strong gap up opening. With this decisive breakout,
after a pause of 17 days, Nifty can be heading to retest its life time highs
placed around 11171 levels registered in February.
More about intraday tips on Google +
Resistance: 10975, 11000, 11075
Support: 10875, 10835, 10775
No comments:
Post a Comment