Bears
continued to grip the markets in Thursday’s session after the government
remained non-committal on the stimulus package to boost the economy. Nifty came
below 10750 mark. After opening at 10905 nifty made a high of 10908 & came
down to 10718 & finally closed at 10741 down by 177 point. The measures by
the Sebi on FPI regulations are good, but the market still awaits clarification
on the tax proposals for the FPI’s made in Budget.
Investors are also getting impatient with regards to the prospects of a stimulus package from the government and the comments made by some government officials have dimmed hopes.
Investors are also getting impatient with regards to the prospects of a stimulus package from the government and the comments made by some government officials have dimmed hopes.
We continue to expect some weakness in the near term; Nifty has support around 10700, breaching it on downside might result in
more downside towards 10650, on the upside, any close above 10855 may take the
Nifty above 10900. Going ahead Nifty faces immediate resistance at 10855 on the
upside and support is at 10650 on the downside.
More about intraday tips on Google +
Resistance: 10855, 10950
Support: 10700, 10650
More about intraday tips on Google +
Resistance: 10855, 10950
Support: 10700, 10650
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