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The domestic
market pared gains as weak global sentiment prevailed. The forthcoming US
inflation figures have become the focal point in determining global market
developments. US inflation, which is expected to remain unchanged at the March
level of 5.0 percent, worries that the Fed will remain tighter for much longer.
However, continued support from FIIs protects the domestic market from a sharp
correction. Markets moved mostly in line with global equities, which
were sluggish to negative. After showing some volatility early in the session,
markets remained in negative territory for most of the trading session, ending
almost flat as investors resorted to selective profit taking after the sharp
rise seen in recent sessions. The sharp appreciation of the rupee could
indicate that foreign investors could sell local stocks if the trend continues.
The Sensex was down 2.92 points or flat at 61761 and the Nifty closed 5 points lower
at 18259.30. On daily charts, the Nifty has formed a small bearish
candle, indicating indecisiveness between bulls and bears. As long as the index
trades above 18250 the positive sentiment is likely to continue and could pick
up to 18300-18400. On the upside, if the index trades below 18250, a quick
intraday correction is possible. Below that could fall the index to 18200-18100.
Resistance: 17400, 17500, 17600
Support: 17300,
17200, 17100
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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