The Sensex and Nifty
ended on a flat note on Monday as gains in banking heavyweights like ICICI
Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank and State Bank of India were
offset by losses in Reliance Industries, Tata Consultancy Services, Infosys,
Maruti Suzuki and ITC. For most part of the day, the benchmarks traded lower
however, buying in banking shares which pushed the banking sub-index - Nifty
Bank index above 31000-mark, helped the Sensex and Nifty close with a positive
bias. The Sensex had ended November 11 with a marginal gain of 21 points at
40345, while the Nifty was up 5 points at 11913.
We continue to maintain our cautious stance on Indian markets given the recent run up. Going forward, last leg of earnings announcement, key data like CPI/WPI and IIP is likely to induce volatility into the market. For the coming session, immediate resistance would be seen at 12055-12100 and a sustainable move beyond this would extend this rally towards 12200. On the flipside, 11850-11800 are likely to act as strong support levels unless this zone is violated decisively, the bulls need not worry.
We continue to maintain our cautious stance on Indian markets given the recent run up. Going forward, last leg of earnings announcement, key data like CPI/WPI and IIP is likely to induce volatility into the market. For the coming session, immediate resistance would be seen at 12055-12100 and a sustainable move beyond this would extend this rally towards 12200. On the flipside, 11850-11800 are likely to act as strong support levels unless this zone is violated decisively, the bulls need not worry.
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Resistance: 12055, 12100,
12200
Support: 11850,
11800, 11750
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