BUY IBULHSGFIN 260 CALL @ 13 TGT 17/21
Continuing their
record-breaking run Nifty kick started the week on a positive note, as it
witnessed a sharp rally of more than 150 points in Monday’s trade. The bulls
were aggressive from early trade and continued to pull the indices higher as
the day progressed. Indian markets hit new milestones today with Sensex
registering new intra-day and closing highs, tracking higher global markets.
The Sensex ended 529 points higher at 40889, a new closing high. During the
day, the Sensex also hit a new intra-day high of 40931.. The Nifty settled 1.3%
higher at 12078. At day's high, Nifty raised to 12084, less 20 points away its
all-time high of 12103 hit in June this year. Global markets were mostly
higher today on fresh optimism over the long-running China-US trade talks after
Beijing offered an olive branch on the key issue of intellectual property,
while Donald Trump hailed progress on the agreement.
Nifty
witnessed sustained buying interest till the end of session and formed a
Bullish Marubozu candle on the daily scale. Nifty witnessed a breakout
after the consolidation of last 16 trading sessions from Bullish Pennant
pattern on the daily chart, indicating resumption in bullish momentum in the
coming days. After the consolidation phase of last three weeks, the index
managed to close above its immediate hurdle at 12035 level, and was on the
verge of making new all-time high. It has to continue to hold above
psychologically important 12000 mark to be able to extend its move towards
12125 level and then see a fresh rally towards 12200 while on the downside
support exists at 11925 and then 11875 levels.
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Resistance: 12125, 12150,
12200
Support: 11925,
11875, 11825
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