After the sharp sell-off in the global markets yesterday, Indian equities reversed its course following recovery in global markets and strong domestic GDP data. India’s Q2 GDP recorded a growth of 8.4% as economic activity moved towards normalcy after the impact of the second wave. Though the Fed chair’s comment on speeding up the pace of the bond-buying taper plan kept investors cautious along with the concerns of Omicron, the global markets recovered sharply today. Benchmark indices ended higher on December 1 with Nifty above 17100 supported by the IT, auto, metal and financial names. At close, the Sensex was up 619 points at 57684, and the Nifty was up 183 points at 17166.
The index has formed two strong hurdle
zone on the higher side around 17250-17500 zone until we don’t cross or give
decisive close above-mentioned resistance, we may not see aggressive buying
comes in. So said levels will be immediate trend deciding levels & trading
below said levels structure will be weak, good support zone formed near 17055-16955
zone.
Resistance: 17250, 17350, 17450
Support: 17055, 16955, 16855
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