"ZEEL 250 CALL ALMOST ACHIEVED 1ST TGT MADE A HIGH OF 9.55"
Market has been flattish
during the week assessing the ongoing Q2 result which is marginally better than
expected till date. Given the trading holiday, volume has reduced taking a
conservative approach. Going forward weak crude oil prices, positive global sentiments
and further reforms from the government are expected to provide positive
momentum. The Sensex and Nifty ended lower on Thursday led by declines in
banking and IT heavyweights like Infosys, State Bank of India, HDFC Bank and
IndusInd Bank. However, losses were capped as Reliance, Bharti Airtel and HCL
Technologies saw buying interest. For most part of the day, the market traded
in rangebound fashion and switched directions at least eight times before
closing with minor losses. The Sensex moved in a range of 486 points while the
Nifty touched high of 11679 and low of 11534. Assembly election results from
Haryana and Maharashtra showed that Bharatiya Janata Party retaining power in
Maharashtra while Haryana was seen going for a hung house where Dushyant
Chautala's JJP could emerge as a possible kingmaker.
Nifty is still in a
consolidation range and support lies around 11500 -11400 levels. Going ahead,
this support zone would be closely watched by the investors. A sustainable move
below this would result into an extended correction. However, in my sense,
Nifty would probably move higher and immediate resistance is now placed in the
zone of 11700 - 11800 levels.
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Resistance: 11700, 11750, 11800
Support: 11500, 11450, 11400
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