Nifty ended up on the back of buying at lower levels on the back of positive global cues from the international and Domestic market. Nifty followed the footprints with bulls taking charge at lower levels to end three days of losses and regain 10500 marks.
Global cues were positive on the back of positive data flow from the US while post fed minutes markets rallied due to further tightening signals. Eurozone also was up after impressive PMI Data in last seven years. Asian markets were up almost 1-3% calling it overall a bulls day.
Nifty saw a gap up open and prices sustained the lower trading range for last three days. Due to consolidation and support at lower levels Bulls gained the momentum in the later half of the day with 10420 – 10430 acting as strong support. Nifty on the upside has stiff resistance at 10540 which will act as a wall of China. Bulls to take momentum further would need to breach this level. Any breach of this level will further boost the momentum on the upside while in short-term support is now placed at 10450 – 10460.
In Coming days we expect BankNifty to perform well given overall bullish rally we have witnessed. With That we expect Metals to continue to do well while Automobile may see some profit booking in short-term.
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