Bulls are back on the
driver seat & took nifty to 12000 mark. . However, it failed to hold
at higher levels and closed at 11965 near the opening mark 11959 by forming a Doji
candle on the daily scale. The index has been forming multiple Dojis
since last three sessions, but at the same time making higher highs and lows,
which suggest every decline is being bought into, while resistances are intact
at the upper band of the trading zone.
In the near term, we continue to be cautious on the market and expect consolidation. Macroeconomic data (Inflation and IIP) scheduled this week will be crucial as RBI recently raised its inflation range and indicated towards concern on industrial growth. In addition, global indicators (crude oil prices and currency movement) will also be on investors’ radar. Now, it has to continue to hold above 11890 mark to witness an upward move towards 12050 and 12100 levels, while on the downside supports are seen at 11870 and then 11750 levels.
In the near term, we continue to be cautious on the market and expect consolidation. Macroeconomic data (Inflation and IIP) scheduled this week will be crucial as RBI recently raised its inflation range and indicated towards concern on industrial growth. In addition, global indicators (crude oil prices and currency movement) will also be on investors’ radar. Now, it has to continue to hold above 11890 mark to witness an upward move towards 12050 and 12100 levels, while on the downside supports are seen at 11870 and then 11750 levels.
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Resistance: 12050, 12100
Support: 11870, 11750
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