After a narrow sideways rangebound move on Monday,
the Nifty seems to be gaining momentum slowly. Resistance at
8,300 is however restricting a further rise at the moment. A strong break above
this hurdle is needed for the index futures to extend its upmove. Such a break
can take the contract higher to 8,325 or even 8,360.Price action on the
intraday chart suggests an absence of strong sellers below 8,250. This keeps
the possibility open for a break and rise above 8,300 in the coming sessions. Short-term traders with high risk appetite can go
long on dips near 8,260 with a stop-loss at 8,230 for the target of 8,315.
Revise the stop-loss higher to 8,275 as soon as the contract moves up to 8,295.The
outlook would turn negative only if the contract declines below 8,240. The next
targets are 8,220 and 8,200.
Technically, Market is in positive zone and traders can go long at dips for now. Market would see sideways movement as of now. Upcoming week is full of events like results of IndusInd Bank, Infosys and TCS. Macro Economic data like November Factory Data and December Retail Inflation would also be disclosed this week.
Technically, Market is in positive zone and traders can go long at dips for now. Market would see sideways movement as of now. Upcoming week is full of events like results of IndusInd Bank, Infosys and TCS. Macro Economic data like November Factory Data and December Retail Inflation would also be disclosed this week.
Nifty would see strong support at 8250-8220-8150-8100 whereas
strong resistance would be seen at 8300-8322-8357-8399 levels.
TOP GAINERS: Tata motors,
Adani Ports, Tata Steel, Asian Paints, HDFC Bank,
TOP
LOSERS: Tech Mahindra, TCS, HCL Tech, Infratel,
Infosys
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