This violent bull market continues to puzzle both bears and bulls. Stock markets are all about ups and downs. But this bull market has been an almost one-way street for almost 18 months now. More importantly, this is almost a global phenomenon with China, Hong Kong and a few other countries being the exceptions. The mother market US is leading from the front, ignoring even tapering indications from the Fed. Indian benchmark indices extended the early gains and hit record high levels with Sensex closing at 59885(+1.63%) and Nifty at 17823(+1.57%). on Thursday Indian market are continuing positive trend from global market after the US Federal reserve hinted that it may begin easing its support measures for the economy later this year. Markets continued to scale new highs on the back of abundant liquidity and strong global cues, with Sensex almost on the verge of hitting the 60000 peaks. The upsurge was mainly on the back of impressive gains in realty stocks. In the short term, Nifty has formed a strong bullish breakout candle and has consistently maintained higher bottom series formation, which supports further uptrend from current levels. For day traders, 17815 -17765 -17725 would be key support levels. On the other hand, 17900 -17925 -17975 could act as a major resistance level in the short run. Contra traders can take a long bet between 17775 -17725 with a strict 16900 support stop loss.
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Resistance: 17875, 17950, 18000
Support: 17775, 17725, 17690
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