Markets recovered quickly in Wednesday morning trade and traded in the Green throughout the day led by ahead of the RBI policy. Although the broader market was a bit lackluster, we did see sustained buying in cement and select pharma counters during the day. The upward journey of the benchmark indices continued on the fifth consecutive day on October 7 helped Nifty to close comfortably above 11700. At close, the Sensex was up 304 points at 39878, and the Nifty was up 76 points at 11739. Observation is that main indices have almost reached the last high, in context with a bounce in global and domestic economy. Going ahead the market may turn a bit volatile, in the short-term, as it will be difficult to maintain the momentum given important upcoming events of the US election and Q2 result season. Secondary indices of mid and small caps are under some resistance, as investors are risk averse at these levels. Stock wise positive or negative performance is expected to continue as per the expectation & actual performance of Q2FY21 result.
Index
closed a day at 11739 with gains of 76 points and formed a bullish candle on
daily chart. Index closed on positive note for fifth consecutive day, now index
has immediate hurdle around 11800 zone if managed to hold above 11800 zone then
we may see quick move towards 11900 mark and good supports are still placed
around 11950-12000 zone. Nifty Bank closed a day at 22965 with gains of half a
percent, supports are coming near 22800-22500 zone and resistance is coming
near 23100-23300 zone.
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Resistance: 11800, 12000
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