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Markets got off to a buoyant start to the week, gaining over a percent and a half continuing the prevailing recovery. After the flat start, the benchmark gradually rose on healthy buying from banking and IT majors, eventually ending around the daily high. Meanwhile, the broader indices traded mixed, ending with modest gains. Bullish global signals coupled with bargain-hunting among index majors are driving markets higher. For the fifth straight day, the benchmark indices continued the positive momentum as these indices successfully broke through the short-term technical resistance on the charts. Banking and financial stocks outperformed, gaining over 2%, while real estate and metals stocks saw some profit booking.
Markets will initially react to the inflation data in early
trading on Tuesday. Updates on prevailing geopolitical tensions and global
market developments will also remain in focus. Technically, the Nifty manages
to close above the 20-day SMA after a long time. A bullish candle has formed on
the daily chart. We believe that as long as Nifty trades above 16800, the
uptrend will continue in the near term. For the bulls, the immediate hurdle
would be 17000 or the 200-day SMA. On the downside, below 16700, the strong
possibility of a quick intraday correction is not ruled out on the Nifty. Below
16700 , Nifty could retest 16650 and 16500. Having passed the critical hurdle
at 16800 , Nifty can extend the rebound to a 17,100+ zone. In the event of a
dip, 16500 would act as immediate support. Meanwhile, participants should
remain focused on sector/stock selection.
Resistance: 16800, 16900, 17000
Support: 16700,
16600, 16500
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