Infosys
result changed market sentiments. Liquidity issue in the domestic market and
weak economic data in China put pressure on the market. Green shoots from
earnings lifted the sentiment of IT sector while ease in WPI inflation (June)
to 2.02% added some cheer in the market. Q1 results announced so far have been
mixed and going forward is expected to be subdued. Market ended higher led by
the rally in Infosys Ltd. The Sensex closed 161 points higher at 38896 and the Nifty
ended at 11588.
Due to lack of market event ahead, progress of monsoon and global cues will dictate the market trend. We reiterate our bearish view on Nifty and suggest continuing with “sell on rise” approach. Nifty has strong resistance near 11635. Until trading below this level, we may see profit booking on every rise. Any close above 11655 can lead to good short-covering, which in result may push index towards 11700-11,750 zone and support for Nifty is coming near 11525 -11475 zone.
Due to lack of market event ahead, progress of monsoon and global cues will dictate the market trend. We reiterate our bearish view on Nifty and suggest continuing with “sell on rise” approach. Nifty has strong resistance near 11635. Until trading below this level, we may see profit booking on every rise. Any close above 11655 can lead to good short-covering, which in result may push index towards 11700-11,750 zone and support for Nifty is coming near 11525 -11475 zone.
More about intraday tips on Google +
Resistance: 11635, 11700
Support: 11525, 11475
No comments:
Post a Comment