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A volatile trading session ended on negative note, nifty closed below 11500 mark. The indices ended lower but off days low in the volatile session on September 30. At close, the Sensex was down 155 points at 38667, while Nifty was down 37 points at 11474. Indices were dragged down by declines across banking, auto, metal and pharma shares.
Earnings
announcements for the quarter ended September are scheduled to begin from next
week. Also RBI policy outcome (scheduled on October 4) will provide some
direction to the market. Moreover, global developments, particularly US-China
trade war and crude oil prices may continue to induce volatility. Nifty is
trading in a range of 200 points since last 5 trading session whereas 11600 is
standing as crucial resistance and 11400 is acting as strong support. As long
as the index is trading above 5 EMA placed around 11455 , we suggest opting
‘Buy on dip’ strategy. Moreover, a sustained move below 11400 will confirm
the reversal. At the same time, supply was intact at higher levels. Now,
Nifty has to hold above the 11475 -11525 zone to witness a bounce towards
11,550 and 11,600 levels A volatile trading session ended on negative note, nifty closed below 11500 mark. The indices ended lower but off days low in the volatile session on September 30. At close, the Sensex was down 155 points at 38667, while Nifty was down 37 points at 11474. Indices were dragged down by declines across banking, auto, metal and pharma shares.
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Resistance: 11475, 11525, 11600
Support: 11400, 11375, 11325
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