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India's stock benchmarks advanced in the closing minutes, after erasing intraday gains in a volatile session on monthly expiry day, aided by broad based gains led by metal, realty, energy, power stocks. Markets had a mixed day on Thursday as investors wait for an update on ECB interest rate hike. The central bank is expected to increase its key interest rate to a 13-year high. Tokyo and Shanghai ended in the red while Hong Kong gained on Thursday. Europe was also trading lower in the morning session. The day started on a positive note but indices trimmed the profits and remained flat for most of the day before making a run towards the end. Nifty settled at 17736, a jump of 80 points, while Sensex climbed 212 points to end at 59756. The Sensex gyrated within a more than 450-point range during the session, briefly slipping into the red an hour before the closing bell before settling at 59756 for the day — 260 points above its weakest level of the day. The Nifty50 broadly moved in the 17650-17800 band before ending at 17737. Volatility persisted as traders scrambled to settle their positions ahead of the expiry of monthly derivative contracts due by the end of the session. The consolidation in Nifty is on the expected lines and we recommend focusing more on the sector/stock selection for now. Apart from banking, sectors like auto and selectively pharma, realty and metal are likely to do well in near future. Participants should align their positions accordingly. Technically, for the last three sessions, the Nifty has consistently found resistance near the 17800 level and conversely taking support near 17600. For Nifty, 17850 would be the key breakout level and above the same the index could move up to 17950-18200. On the flip side, a fresh round of selling is possible only after the dismissal of 17625. Below the same, the index could slip till 17550-17400.
Resistance: 17350, 17450, 17550
Support: 17250,
17150, 17050
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