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Bulls continued to rule the street as the Sensex rallied 929 points and the Nifty closed above 17600 levels, led by banks & financials. The Sensex closed the 3 Jan 2022 at 59183, and the Nifty jumped 271 points to close monday at 17625, while Banknifty was up 940 points at 36421. Indian markets opened on a positive note on the first trading day of the year despite mixed Asian market trade. During the afternoon session markets maintained their upward momentum and continued to trade in positive territory, following gains in auto, banking and realty stocks. Healthy buying was observed in blue-chip stocks. Sentiments were upbeat as Finance Ministry said that GST revenues grew 13% to over Rs 1.29 lakh crore in December 2021, as compared to Rs 1.15 lakh crore GST revenues in the same month last year, mainly due to pickup in economic activity and anti-evasion steps. However, traders overlooked report that India’s manufacturing activity lost some momentum in December easing to a three month low after hitting a 10 month high in November, amid fears that the rapidly spreading third wave of the Coronavirus pandemic may hit consumer sentiment and output.
The Nifty has go forward magnanimously and is all set to move up higher. As expected on Friday, we have achieved the target of 17600 & almost reached near to 17700 as well . We should now be headed to 17800 as the next level of resistance, Post that 17900-18000 would be the next possible targets for the Nifty. Since we are in positive terrain, any drop or intra-day dip can be utilized to accumulate buy positions for higher targets. The participation of the banking pack has changed the market mood of late while other things remain the same. However, the update on the COVID situation combined with the performance of the global markets would play a critical role ahead. Now, the next hurdle is at 17750 in Nifty. We reiterate our view to focus on the selection of stocks while keeping a check on the leveraged position
Resistance: 17750, 17820, 17955
Support: 17670,
17550, 17475
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