session. It opened higher but later languished within 30-40 points.
Yesterday, the Teck stocks led from the front and with support
coming from the Reliance pack and CGS sector, the Indices rallied
in the end to close near the days high. Swift move in the Banking
stocks failed to sustain and gave away the gains. Volumes were
marginally higher and the A/D ratio was positive at 1.5:1.
A “hammer” formation is followed by a bullish candle. Now it has to
sustain above 4455-4460 points (preferably in close) to attempt the
4510 points. Support in decline is pegged at 4311-4321 points’ area
(38.2% retracement of the rise from 3790-4649 points).
Intraday, resistance in rallies is at 4460-4482 and 4519 points in an
optimistic scenario. Crucial support is at 4375-4390 points; a
decisive breach of it would turn the odds in the Bears favour.
Currently the Indices are oscillating in a narrow range with some
stock specific moves. Range expansion is likely in the coming days;
trade in the direction with the above mentioned levels.
NIFTY Intra Week
Volatility 326 pts
S1 4389.70
S2 4249.75
R1 4500.05
R2 4579.75
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