SBIN 300 PUT ALMOST ACHIEVED 1ST TGT 6 MADE A HIGH OF 5.9 CONTINUE TO HOLD FOR FINAL TGT 7TO GET SUCH CALLS IN LIVE MARKET WHATSAPP ON 9039542248
Bulls are on back foot bears
continued to grip the markets in Tuesday’s session also…!!!! Nifty came below 11900
mark. After opening at 11950 nifty made a high of 11953 & came down to 11844
& finally closed at 11856 down by 80 points in intraday. The Sensex ended
at 40239 level, down 247 points. Profit-booking continued at the bourses
as weak domestic and global economic scenario kept investors on the sidelines.
Selling in domestic market accentuated as investors turned more cautious over
double whammy of inflationary pressure and weak growth. Another factor which is
impacting market is the likelihood of maintenance of status quo on rates by
both US Fed and ECB. Given domestic premium valuation of key indices, market is
highly susceptible for near term volatility.
Nifty has formed a
bearish candle on daily chart. The index has now reached near good demand zone
of 11850 -11800 zone. If Nifty manages to hold above said levels, then we may
see good recovery towards immediate hurdle of 11900 -11950 zone. Overall, the index
has formed a narrow range of 11800-11950 zone and traders can use buy on dip
strategy near lower band of 11800 zone.
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Resistance: 11900, 11950,
12000
Support: 11850,
11800, 11750
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