The
market is witnessed a board-based rally expecting better outlook for the
economy in the next one to two quarters. On Monday market has closed at another
record high as investors continued to cheer the decisive mandate for the
Narendra Modi's BJP in the national election. After rallying nearly 400 points,
the sensex ended 248 points, higher at 39683 its all-time closing high. The gauge
hit an intra-day high of 39821 and a low of 39353. Likewise, the Nifty
jumped 80 points, to 11924 a closing peak for the index. During the day, the
bourse hit a high of 11957 and a low of 11812. Domestic and foreign
investors have been euphoric ever since Modi-led NDA registered a thumping
victory in the Lok Sabha polls.
Traders must stay cautious now. With a clear mandate, the new government has scope to tackle significant and long pending reforms in the areas of land and labor. In addition, we expect the government to continue to focus on infrastructure, fiscal consolidation and financial inclusion. Looking at technical’s, Nifty has support around 11800 , breaching it on downside might result in more downside towards 11700, On the upside, any close above 11900 may take the Nifty above 12000. Going ahead Nifty faces immediate resistance at 11950 on the upside and support is at 11800 on the downside.
Traders must stay cautious now. With a clear mandate, the new government has scope to tackle significant and long pending reforms in the areas of land and labor. In addition, we expect the government to continue to focus on infrastructure, fiscal consolidation and financial inclusion. Looking at technical’s, Nifty has support around 11800 , breaching it on downside might result in more downside towards 11700, On the upside, any close above 11900 may take the Nifty above 12000. Going ahead Nifty faces immediate resistance at 11950 on the upside and support is at 11800 on the downside.
More about intraday tips on Google +
Resistance: 12000, 12200
Support: 11800, 11700
No comments:
Post a Comment