The bulls continued to dominate for the third successive day and posted noticeable gains, thanks to upbeat global cues. Nifty opened above the psychological hurdle of 12,000 in early trade and gradually inched higher as the session progressed. It finally settled at 12,120 levels; up by 1.8%. Nifty closed above the 12050 levels, which is bullish break out level for the market. Nifty has spent 175 days below the psychological level of 12000. It is the fastest recovery from the panic lows in the history of Indian markets. Rise in the US markets and fall in the dollar has helped the market to surpassed and closed above the level of 12000. Nifty is 300 points away from all-time highs and now we have to be more careful as traders make maximum mistakes near the highs.
On an immediate basis, 12200, 12350 and 12430 would be the biggest hurdles. Below the level of 12000, Nifty would halt at 11840. Be stock specific for next few days or the strategy should be to buy on dips. The short term trend of Nifty continues to be positive and one may expect further upside in the market for the short term. Having showed an upside breakout of the key resistance, the Nifty could encounter the next crucial resistances of around 12250/12430 levels in the near term. Immediate support is placed at 12000-12050 levels.
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Resistance: 12200, 12350,
12430
Support: 12000,
11900, 11800
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