It was a rollercoaster ride for the bulls & bears as the Nifty fluctuated in a broader range and finally settled around the daily low. Initially, supportive signals from Asia prompted a firm start which was further boosted by healthy buying in major banks and a recovery in metals, energy and pharma packages. In the second half, however, the tone changed completely and the index gave up all of its gains. Finally, the Nifty index ended in the red and settled at 15810. Similar to the benchmark, the broader indices ended with a slight discount. The Sensex and Nifty closed lower on Tuesday, giving up more than 1% of gains made during the day as investor sentiment in global markets soured, while the rupee hit a new record low on concerns over a wider current account deficit. The Nifty fell 24 points to 15810 while the Sensex fell 100 points to 53134.
News that the United States may decide to cut some
tariffs on Chinese imports to control record-high inflation prompted Asian
markets to trade mostly green on the international front. The strike by
Norwegian oil and gas workers increased concerns of an energy shock in Europe
and added to concerns about rising inflation, causing European markets to trade
lower. Immediate support and resistance for Nifty come in at 15700 and 15900
respectively. Immediate support and resistance for Banknifty are 33600 and 34200
respectively.
Resistance: 15850, 15950, 16050
Support: 15750, 15650, 15550
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