After a gap
down opening market shown a quick recovery from the lows and closed flattish. The
Sensex ended at 35697, up 62 points while Nifty ended just 7 points higher at
10458 levels. Global impact of coronavirus which is still spreading
at high rate in countries other than China and collapse of oil prices are
having a catastrophic effect. Rate cuts and stimulus measures are not working
at the time being. Even though risk concerns continue to remain elevated,
inflow into domestic equity mutual fund surged to highest level in 11 months
indicating investor confidence on a long-term perspective. Going ahead rate
sensitive stocks are likely to remain focused as consensus estimate show CPI inflation
for the month of February eased to 6.80 per cent. But market expects RBI to cut
rate in the next policy.
Though
early to call but this is encouraging action from markets perspective. If Nifty
closes next session in the green with a strong close then the recovery trade is
likely to play out. Near term resistance zone is placed between 10600 -10700
zone on the way up. 10350-10250 is the immediate support zone on the downside.
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Resistance: 10600, 10700
Support: 10350, 10250
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