NewsPatrolling.com: “Our markets had a quiet opening with a mildly positive bias taking cues from the other major Asian peers. However, the index lost its lead immediately in the first half an hour of the trade to slide below previous day’s low. Once again, few index heavyweights came for a rescue and managed to lift the index higher to close almost at the day’s high.
As we had pointed out in the previous article, the index seems a bit tired and does not have the similar sort of strength we saw in last couple of weeks. This is quite evident as it has entered a strong resistance zone of 10400 – 10500. For the coming session, 10350 would now be seen as a key support for the Nifty. A sustainable slide below this would apply brakes on the recent relief rally. However, having said that if we look at today’s recovery to close near day’s high, it’s an indication of index extending this move towards the recent swing high of 10478. Hence, first half an hour would be quite crucial and traders are advised to keep a close watch on this development.
Today, although the recovery was mainly led by the IT conglomerates, there were two other heavyweights who had an interesting close. First one being the ‘Reliance Industries’, which is poised for a good trading move and other was Pharmaceutical marquee name ‘Sun Pharmaceutical’, gearing up for a strong momentum.”
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