“SELL BANKNIFTY BELOW 19350 TGT 19200/19110 SL 19450”
The Sensex on Monday rallied in late
trade to finish 120 points higher, but below its crucial psychological level of
28,000, while the broader Nifty topped its key 8600-mark.
The Sensex and Nifty reversed their early morning losses and closed higher
on Monday on account of buying in selected blue chip companies. Sensex
advanced 120 points to end at 27902, while Nifty closed 34 points up at
8607.
Markets
are in a longer term bull trend, they made yet another intraday high for the
year. We continue to hold an upbeat outlook and would stay long for a medium
term target of 8700. Traders with a short-term view can initiate fresh short
positions on a fall below 8550 levels with a stop-loss at 8650 levels. The
contract can decline to 8530 and then to 8500 levels. Next key support is at 8400.
On the hand, a strong rally beyond 8650 is needed to reinforce the bullish
momentum once again and take the contract higher to 8680. Subsequent
resistances are at 8700 and 8750 levels.
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Supports: 8580 and 8500
Resistances: 8650 and 8700
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