It was a day for bulls.
Stock market bulls marched on Dalal Street with heads held high on the last
trading day of fiscal year FY20 as relatively better factory output data from
China supported the investor sentiment. Some support also came from the report that
the government has put off implementation of the uniform stamp duty on transfer
of capital market instruments to July 1, 2020. sensex today closed 1028 points
higher at 29468, while Nifty rose 316
points to close at 8597.
We expect market would remain volatile in the near term. The index formed a bullish candle on the daily scale and needs to hold above 8550 to extend gains towards 8600, and then 8650 -8700 zone. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 8300 and then 8200 levels. It has been making higher top and higher bottom formation and supports are gradually shifting higher with medium term support at 8000.
We expect market would remain volatile in the near term. The index formed a bullish candle on the daily scale and needs to hold above 8550 to extend gains towards 8600, and then 8650 -8700 zone. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 8300 and then 8200 levels. It has been making higher top and higher bottom formation and supports are gradually shifting higher with medium term support at 8000.
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Resistance: 8700, 9000
Support: 8300, 8000
will market recover after 14 april
ReplyDeletesome recovery is expected from may 2020
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