Nifty Tips
Federal
Reserve's QE3 and price hike in diesal cuased a huge gap up
opening in Nifty today and Indian stock market surged more than
2.40% today. Nifty managed to cross the crucial level of 5,550 and
closed at 5577.65 with a gain of 2.62%.
From
here nifty may hover around a narrow range
of 5400-5650 at least
for near
term. Since
the rally was conditional, considering this rally as a break out will
be too early.
We
expect the Nifty to remain range-bound in the 5250-5650 range for the
next couple of months.
Technically
,
if
nifty breaches
5,390 , further selling up to 5,200
can be seen.
On the other hand, a move beyond 5650 could pave the way forward to
5900.
The Nifty has been making higher tops and bottoms since
the last 4 months and it took support at 4770 and rose to make a high
of 5348.
Nifty
Futures closed at 5577 with a gap up opening of 90 points and made
a high of 5597 now next hurdel for nifty is 5600.
Posted in: 
0 comments:
Post a Comment