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The Indian benchmark indices closed flat on February 7 in a highly volatile session, with investors cautious ahead of the RBI policy outcome. Despite an initial uptick, the Nifty faced downward pressure from bears, erasing gains by the close of the market. Profit-taking in IT stocks and subdued global indices added to the cautious sentiment. Traders are on the sidelines awaiting the credit policy announcement, expecting a status-quo on interest rates but keenly observing the central bank's tone for future interest rate movements. The Sensex closed marginally lower by 34 points at 72152, while the Nifty edged up by 1 points to 21930. The Bank Nifty index is witnessing a tug-of-war between bulls and bears, with anticipation of a decisive move soon. The lower-end support lies around the 45500-45800 zone, and a confirmed breach below this could trigger a significant downward correction. Conversely, surpassing the resistance at 46000 may fuel short-covering activities, potentially driving the index towards the 46400-46600 level.
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