The bulls continued to
dominate as Nifty started the week above 11250 mark and headed
towards 11340 levels. However, it failed to surpass recent swing high of 11341
and remained rage bound with the support at opening gap of 11230 marks. It
closed positive and has been making higher lows from last five trading sessions
which indicates overall bullish stance. Nifty managed to end with healthy gains
of 0.5% at 11,273 levels. At close, the Sensex was up 141 points at
38182. Markets would react to the SC hearing on AGR dues and stocks especially
from telecom and banking pack will remain in limelight. And since we’re closely
following the global markets, US-China trade tension, currency and crude oil
movement would also be actively tracked.
Technically, it formed a
Doji candle on daily scale which indicates absence of follow up action at key
resistance zones. Now, it has to continue to hold above 11250 zones to witness
an up move towards recent swing high of 11340 then 11400 zones while on the
downside support exists at 11200 then 11150 zones. We maintain our positive yet
cautious stance and suggest traders to prefer hedged bets as volatility is here
to stay. A decisive breakout above 11350 in Nifty would again turn the bias in
the favour of bulls.
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Resistance: 11350, 11400
Support: 11200, 11150
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