with a gain of 3.5%. The Nifty opened strong and steadily moved up
to close almost at the days high. A stunning performance by the
Banking and Metal stocks equally supported by CGS, IT and
Reliance pack unfolded into a rally of 125 points (500 points on the
Sensex). The A/D ratio was positive at 2:1 while the volumes were
marginally higher.
Again the Nifty has come at a striking distance of the crucial
bottleneck area at 4355-4365 points. A sustained up move above it
(in close) could lead to recovery upto 4412 and 4454 points. However
the low at 4158 points should not be decisively broken; otherwise a
test of 4076 points is likely. As mentioned in the weekly report, an
“inside week” formation is likely.
Intraday, crucial support in declines is at 4277 points. If it sustains
above the hurdle at 4355-4365 points then resistance on the upside
is at 4394-4412 points. The markets will remain turbulent on the
last day of a long (5 week) July F&O expiry.
NIFTY Intra Week
Volatility 295 pts
S1 4192.85
S2 3899.00
R1 4543.25
R2 4659.00
0 comments:
Post a Comment