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After three straight days of losing streak, Indian markets staged a bull run on Monday, with the Sensex and Nifty 50 each up over 1%. Both Sensex and Nifty have surpassed their psychological marks of 60,000 and 18,000 respectively. Sensex rose 846 points to close at 60747. Nifty rose 241 points to close at 18101. India's volatility index fell 2.5%. Wall Street rose on anticipation of a less aggressive Federal Reserve as wage growth slowed and service activity slowed, fueling bets on easing inflation. In addition, higher-than-expected payrolls growth in December raised the possibility of a softer landing for the US economy. These gains were also absorbed by the domestic market, with IT being the biggest gainer ahead of the sector earnings release as benign US economic activity boosted sector optimism. The Nifty, technically having strong bullish candle on the daily charts and a promising reversal formation are suggesting further upside from the current levels. For bulls, 18050 would be the sacrosanct support zone and above that the pullback formation will last until 18225-18275. On the upside, the uptrend below 18050 would be vulnerable and the index might retest the 18000-17900 level.
Resistance: 18150, 18200, 18250
Support: 18050, 18000, 17950
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