Market indices squeeze out small gains in a volatile trading session on Thursday as strength in global markets boosted sentiment here. Sensex & nifty managed to close in positive territory in the volatile session on December 16 led by the IT stocks. At close, the Sensex was up 113 points at 57901, and the Nifty was up 27 points at 17248. Amid all, the sectoral indices traded mixed wherein IT, Consumer Durables and Oil & Gas ended with gains, while auto, banking and capital goods ended with losses. The broader markets also witnessed selling pressure as both Midcap and Smallcap ended with 0.6% and 0.8% losses, respectively.
As all the major events are over now, we feel the performance of the global
markets would be critical in days to come. At the same time, we expect the buzz
to continue in the primary market. Among the sectors, only the IT pack looks
decisive to us while others are witnessing mixed trends. Participants should
plan accordingly. On intraday charts, the Nifty has maintained a lower top
formation as it once against witnessed selling pressure near 17375, which is
broadly negative for the market. However, in this week so far, the index
corrected over 450 points and now it is trading near the important retracement
support level. Markets managed to end marginally higher amid volatility,
taking a breather after the recent fall. After the initial uptick, the benchmark
drifted lower and retested the previous session’s low. However, recovery in the
select index majors in the final hours helped the index to pare losses and end
in the green. While the short term texture of the market is still weak, a
quick pullback rally is not ruled out, if the Nifty succeeds to trade above
17375. However, if it trades below 17375, a correction wave could continue up
to 17150-17050. For the bulls, 17375 would be the intraday breakout level and
above the same, the reversal formation will persist up to 17425-17475.
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Resistance: 17350, 17450, 17550
Support: 17250, 17150, 17050
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