Market sentiments were boosted by domestic cues along with higher global markets which helped Sensex
and Nifty rise for the third straight day. The Sensex ended 147 points
higher at 37641 while Nifty settled 0.43% higher at 11105, driven by gains in
banking, auto and energy stocks. Some selling in IT stocks capped gains.
The recent announcement made by the finance minister and the outcome of RBI
board meet are definitely positive for the Indian markets. This is likely to
lift domestic sentiments in the near term. Going forward, the market
participants would keep a close watch on currency movement and upcoming Q1FY20
GDP data. Globally, trade tensions between US-China are likely to induce
volatility into the markets.
Nifty remains in a
structural uptrend and is expected to scale new highs. We expect some
volatility in the near term post with an impulsive up-move is expected. Advice
buying in dips for initial target of 11150 -11200 followed by 11250 on the
higher side. Downside support is seen in the range of 11050 -11000. Only a
breach of 10900 will invite caution. Private banking and Consumption's are
expected to lead while Metal and Auto stock are expected to stage a bounce
back.
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Resistance: 11150, 11200
Support: 11000, 10900
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