Liquidity continues to drive markets with two more days to go in this month as well as year. Market closed at a record high on Tuesday, rising for a fifth straight session, as financial stocks advanced and global investor sentiment remained upbeat on hopes that a $2.3 trillion U.S. stimulus will be approved by the Senate. The Nifty ended at 13932, while the Sensex at 47613. Banking, which is among the few sectors still down this year, has been catching up with the broader market’s advance as foreign investors bet that a rebound in economic activity will benefit lenders.
For a fifth session today, Nifty has formed a sequence of higher high and higher low, boosted by a surge in banking and IT stocks. The index is now approaching the psychological 14000 level, an area that converges with a rising trend line resistance drawn from the April high. If Nifty sustains above 14000, we expect the rally to extend till 14100-14200. On the lower side, immediate support for the index is seen at 13800.
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Resistance: 14000, 14100,
14200
Support: 13800,
13700, 13600
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