Bulls continued their
record breaking run in sync with firm global peers as risk appetite improved on
the back of progress in US-China trade deal talks. Real estate reforms on the
domestic front also kept sentiment upbeat. The Sensex was up 183 points to end at 40653,
a new closing high, the Sensex also hit a new high of 40682. The Nifty ended
0.40% higher at 12012. Better-than-expected Q2 earnings season, corporate tax
rate cut, measures by the government to boost economic growth and a rally in
global markets has boosted the market sentiment. The government on
Wednesday announced a
Nifty remains in a
structural uptrend and is expected to scale new highs. We expect some
volatility in the near term post with an impulsive up-move is expected. Advice
buying in dips for initial target of 12050 -12200 followed by 12100 on the
higher side. Downside support is seen in the range of 11950 -11900. Only a
breach of 11850 will invite caution. Metal and Auto stock are expected to lead while
Private banking and Consumptions are expected to stage a bounce back.
More about intraday tips on Google +
Resistance: 12050, 12100
Support: 11950, 11900
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