Indian markets started on a positive note following upbeat Asian market peers as China’s official manufacturing PMI released over the weekend also showed factory activity growth in July. During the afternoon session the markets maintained their upward momentum following gains in Realty, Energy and Consumer Durables stocks. Healthy buying was also observed in blue-chip stocks. . Domestic benchmark indices closed with gains on Monday as bulls returned to Dalal Street. S&P BSE Sensex gained 363 points to end at 52950 while the Nifty jumped 122 points to close at 15885.
The
market witnessed some lackluster movement and an attempt to overcome the
resistance level around the Nifty Index level of 15900. The expected levels
of the market are likely to be in the range of 15900 and 15950, and it is going
to be crucial for the short-term market scenario to sustain above the 15900 level. Technical indicator suggests, a volatile movement in the market in a
small range. The market witnessed the continuation of the bearish movement after
a failed attempt to hold the support level around the Nifty level of
15750. If the market sustains below 15750, and can see the continuation in the
correction till the next support level near 15600-15500. The traders are
advised to refrain from building a new buying position until further
improvement is seen in the market breadth.
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Resistance: 15900, 15950, 16000
Support: 15800, 15750, 15700
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