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Bulls are
back on the driver seat. Indian markets hit a nearly two-month high on Thursday
as investors expect the government to achieve its fiscal deficit target for the
current fiscal after Union finance minister Arun Jaitley said tax collection
will exceed budget estimates. The Sensex rebounded strongly to end near a
two-month high of 26878 by zooming over 245 points and the NSE Nifty rescaled
the 8200-mark after the US Fed minutes hinted at the uncertainty over pace of
rate hike. A higher US interest rate means flight of capital from emerging
markets in quest of better returns. Sentiment took on shine after value-buying
in blue-chips amid a mixed trend in global markets boosted by overnight gains
in the US. The benchmark BSE Sensex closed up 245 points at 26878 while the
broader Nifty index finished at 8273, up 83 from its previous close.
Tomorrow on Friday another
gap up opening could well be likely! We are likely to see further upward
movement in the tomorrow’s session. However, the range between 8275 and 8300
would emerge as a strong supply zone, once if these levels will cross 8350 will
be the next target for bulls. At the other side if down trend will take place
then 8200 will act as highest supporting level for Nifty.
RESISTANCE:
8300, 8330, 8360
SUPPORT: 8230, 8200, 8170
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