A rangebound trading
session ended on flat note. After a one-day rally, Market once again came under
pressure on Thursday amid brisk selling in banking counters. Nifty Bank, which
jumped over 1000 points in the previous session, today tumbled like a pack of
cards (down nearly 800 points), thus, erasing a large portion of the gains made
yesterday. The Sensex and Nifty resumed their downward journey after a day's
break in the previous session. The Sensex fell as much as 375 points at
the day's lowest level and the Nifty touched an intraday low of 11209. The
Sensex ended 298 points lower at 37880 and the Nifty declined 79 points to
settle at 11235.
We are very much convinced that the recent low around 11235 will not be challenged and the hope as of now turned into a reality. We still remain optimistic and expect the index to revisit 11200-11160 in next few days. For Friday, 11270 followed by 11335 are the levels to watch out for in the upward direction and on the lower side, we expect 11200 to act as a sheet anchor. In case of any decline in the initial hour, traders should construe this as a good buying opportunity.
We are very much convinced that the recent low around 11235 will not be challenged and the hope as of now turned into a reality. We still remain optimistic and expect the index to revisit 11200-11160 in next few days. For Friday, 11270 followed by 11335 are the levels to watch out for in the upward direction and on the lower side, we expect 11200 to act as a sheet anchor. In case of any decline in the initial hour, traders should construe this as a good buying opportunity.
More about intraday tips on Google +
Resistance: 11270, 11335
Support: 11200, 11160
No comments:
Post a Comment