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Markets continued the prevailing trend and posted modest gains on mixed evidence. Weakness in global markets prompted a slow start, however the Nifty index recovered in no time and gradually rose over the course of the session. It eventually hit a new all-time high, but profit-taking in the last hour trimmed gains. As a result, 18,562.70 levels were closed; up 0.3%. Meanwhile, sector indices traded mixed, with energy and autos the biggest gainers, while metals, IT and banks traded mutedly. Benchmark indices closed positive after the Nifty 50 hit an all-time high of 18614 in cash markets. Sensex closed up +0.34% today. The Nifty opened a gap to the downside today only to attract buy support at lower levels. The index opened straight into the support zone of the main hourly moving averages, from where the index quickly recovered. It surpassed the all-time high of 18,604 and recorded a new high of 18,614. Structurally, the index forms an upward extension. Therefore, the 18500-18400 zone will continue to act as a key area of support. As long as the index stays above this zone, it can remain on the uptrend in the short-term. Subsequent targets on the upside will be 18680 and 18750. For trend-following traders, 18450-18300/62,200-62,000 would now be the untouchable support zones. Above that, the index could reach new all-time highs of 18625-18,650/62,750-63,000. On the upside, an uptrend below 18400/62,000 would be vulnerable. Below that, traders may prefer to exit long positions.
Resistance: 17350, 17450, 17550
Support: 17250, 17150, 17050
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