The Sensex and Nifty
shrugged off weak domestic and global cues to end on a firm note amid hopes
that the Reserve Bank of India (RBI) will cut interest rates for the sixth
straight time in December meet despite surge in retail inflation. The Sensex
gained 170 points to end at 40286 with ICICI Bank (up around 3%) being
the top gainer and Vedanta (down around 3%) the biggest loser. During
the day, the index witnessed a swing of around 322 points. Nifty ended at 11870,
up 30 points.
Some more choppiness could be witnessed in the upcoming session. Today’s swing low of 11802 levels could help bears to rule. Now 11900 levels has become an impotent level for nifty. Only above 11950 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 11750 level still looks like a sacrosanct support, a breach of which shall take the Nifty below the 11700 level. A decisive close above the 11950 level should usher in a sustainable uptrend.
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Some more choppiness could be witnessed in the upcoming session. Today’s swing low of 11802 levels could help bears to rule. Now 11900 levels has become an impotent level for nifty. Only above 11950 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 11750 level still looks like a sacrosanct support, a breach of which shall take the Nifty below the 11700 level. A decisive close above the 11950 level should usher in a sustainable uptrend.
More about intraday tips on Google +
Resistance: 11950, 12000,
12050
Support: 11800,
11750, 11700
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