Markets ended the last
2nd trading session of the calendar year 2019 on a flat note amid mixed global
cues and lack of market participants in the holiday season. The Sensex on
Monday lost 17 points to settle at 41558. Nifty closed at 12261, up 15 points. Premium
valuation and lack of fresh triggers influenced investors to take a cautious
approach on heavyweights.
Nifty has been making
higher highs and lows for last two sessions, which is a positive sign for the
index. The overall trend is positive. We maintain our ‘buy on dips’ strategy as
long as Nifty holds above 12200 level. On the upside, we may see an up-move
towards 12355 and then 12425 levels; while on the downside support is seen at
12150 and then 12100 levels.
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Resistance: 12355, 12425, 12475
Support: 12150, 12100, 12050
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