The Sensex and Nifty snapped their six-day winning streak led by losses
in the country's second largest software services company Infosys. The Sensex
fell as much as 374 points and the Nifty dropped as much as 88 points to fall
below 11600. The market opened higher but soon turned volatile and switched
direction at least 10 times before extending losses in afternoon deals. Infosys
was the top drag on the benchmarks; the stock slumped the most in six years
after it received anonymous whistle blower complaints alleging certain unethical
practices by the company's top management. The Sensex ended 335 points to close
at 38964 and Nifty declined 74 points to settle at 11588.
Some more choppiness could be witnessed in the upcoming session. Today’s swing low of 11573 levels could help bears to rule. Now 11500 levels has become an impotent level for nifty. Only above 11700 levels could help bulls to comeback in the ground. Traders should trade with proper strategy in such scenario. It looks prudent for traders to avoid short-term bets and focus on any breach of larger trend, which may chalk out the future course of action for the indices. The 11500 level still looks like a sacrosanct support, a breach of which shall take the Nifty below the 11450 level. A decisive close above the 11700 level should usher in a sustainable uptrend.
Some more choppiness could be witnessed in the upcoming session. Today’s swing low of 11573 levels could help bears to rule. Now 11500 levels has become an impotent level for nifty. Only above 11700 levels could help bulls to comeback in the ground. Traders should trade with proper strategy in such scenario. It looks prudent for traders to avoid short-term bets and focus on any breach of larger trend, which may chalk out the future course of action for the indices. The 11500 level still looks like a sacrosanct support, a breach of which shall take the Nifty below the 11450 level. A decisive close above the 11700 level should usher in a sustainable uptrend.
More about intraday tips on Google +
Resistance: 11700, 11750, 11800
Support: 11500, 11450, 11400
No comments:
Post a Comment