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Markets experienced caution with a negative bias during the trading session as investors booked gains ahead of the RBI's credit policy session. It has been more or less a range bound market for the past few sessions as investors are unwilling to take risk by going long in equities given the current uncertainty in global markets. Continued rate hikes in key economies were also a concern amid fears of an economic slowdown. Nifty lost for the second consecutive day on February 7, although he recovered some of the early afternoon losses. At the close, Nifty was down 0.24% or 43 points at 17721. Sales on the NSE rose again. Broad market indices outperformed the Nifty, although the pre-decrease ratio ended at 0.81:1. Global markets traded in a tight range on Tuesday as investors assessed the outlook for growth and interest rates in the developed economies and awaited comments from the Federal Reserve Chair later in the day on the outlook for US interest rates. The Sensex lost 220 points at 60286. Nifty lost 43 points at 17721.
The Nifty Index faces
strong resistance around the 17775-17875 zone where aggressive call writing is
evident. The index needs to surpass this level on a closing basis to see a
short covering move towards the 18000 level. Support on the lower end stands
at 17700 and if broken it will result in further correction towards
17600-17500. The Bank Nifty index continued to trade in a wide range ahead of
the RBI policy with 412000 as support and 42200 as resistance. The index needs to
break this range on both sides crucially for trend moves. The undertone remains
bearish within the range and should maintain a buy-on-dip approach for once.
Resistance: 17775, 17875, 17975
Support: 17675, 17575, 17475
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