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Indian equities rose sharply on Wednesday, fueled by a clear bullish trend in global indicators as fears of risk in the banking sector calmed. Domestically, the focus has shifted to RBI monetary policy and the fourth quarter earnings season. Sensex was nearing its 58,000 mark and Nifty 50 surpassed its psychological level of 17,000. Mid-cap and small-cap saw a turnaround in their performance compared to their previous losses. The broad-based rally was seen across all sector indices. Nifty 50 settled at 17080, up 129 points. The benchmark had surpassed an intraday high of 17126 earlier in the day. Despite some hiccups, markets staged a smart recovery as investors placed bullish bets on the day of the derivative's month-to-date expiration. Although global market sentiment has not changed significantly, foreign investors, who have become net buyers of domestic stocks in recent sessions, have helped improve overall sentiment. Technically, positive momentum strengthened after breaking above 17100. A promising reversal formation and a long bullish candle on the daily charts are suggesting further upside from the current levels. For the bulls, 17000 would act as the trend decision level and above that the index could rally to 17,200-17300. On the other hand, the uptrend below 17000-16800 would be vulnerable.
Resistance: 17125, 17175, 17225
Support: 17050, 17000, 16950
very good kip it up
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