“SELL NIFTY BELOW 7530 TG 7505, 7475 SL 7560”
NIFTY
Start-long position ABOVE
7600.
Start short position
BELOW 7550
Big moves could go till
7700, 7450.
BANK NIFTY
Start-long positions
ABOVE 16000.
Start short position
BELOW 15500
Big moves could go till
16100, 15300. Downtrend may continue.
A divergent trend
was continued in the market on Thursday. In a volatile trading session, the Sensex ended
81 points lower on Thursday, while Nifty managed to hold its key 7500-mark.
Looking at yesterday and today's recovery from the lows, we are somewhere close
to the bottom. The stellar rally in Infosys has lifted the sentiment
across the board. The contraction in December WPI data for the
14th consecutive month has added some respite to the sentiment across the
bourses. The Sensex, fell 81 points to close at 24772. The Nifty shed 25
to settle at 7536.
For nifty the level of 7500 is
the immediate support below which 7480-7460 is an important support zone. A
close below 7400 will, however, negate the bullish outlook. 7580-7620 is an
important supply zone. It must sustain convincingly above 7615 for signaling
fresh upside momentum.More about intraday tips on Google +
Supports: 7,580 and 7,650
Resistances: 7,500 and 7,480
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