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Markets traded sluggishly, shedding nearly half a percent, while
cautioning ahead of the Federal Reserve meeting outcome. After the initial
downtrend, the Nifty index traded in a narrow band and finally settled at 18,089
down by 58 points. Most sector indices traded parallel to the benchmark and
closed lower, with IT, metals and energy among the biggest losers. The broader
indices outperformed, ending flat to just in the green. India's
benchmark Sensex ended 161 points lower to 61193 points.
Technically, the signs speak for continuing the prevailing tone. The
improvement in participation from other key sectors such as energy and IT is
positive. Participants should remain focused on accumulating quality stocks on
dips. With all eyes on the Federal Reserve, you can keep a close eye on the
reaction in early Thursday trading. The planned weekly schedule would also
increase the fluctuations. Some consolidation in the index cannot be ruled out,
but the tone is likely to remain positive until Nifty manages to hold 17,850
levels. We therefore reiterate our view to focus on stock selection. 18200
could be the resistance on the up, while a downward breach of 18000 could lead
to more downsides.
Resistance: 18100, 18150, 18200
Support: 18000,
17950, 17900
The securities quoted are for illustration only and are not
recommendatory . Investment in securities market are subject to market risks.
Read all the related documents carefully before investing. Registration granted
by SEBI, membership of BASL and certification from NISM in no way guarantee
performance of the intermediary or provide any assurance of returns to
investors.
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