Monday, January 23, 2017

NIFTY TAKES SUPPORT AT 200 DMA

As expected the markets faced strong hurdle at the Bearish Gap between Nifty 8460-8510 and retraced. After three weeks of upward movement, some consolidation was to be expected and it happened. Both the indices have taken support at the Bullish Gap Nifty 8322-8293. Interestingly even the long term average of 200dma falls in this Gap, which makes it a very strong support. The current market movement is in a narrow range defined by the two above mentioned Gaps.
                                Technically,Nifty may see downtrend till 8280 levels where it would cover the gap that was left few days ago. This downtrend is good for the market before Union Budget as it suggests low expectation from Budget. The more the downfall, better it is, as any positive announcement in Union Budget would result in more stable positive rally. For now, traders can go short at every positive rally and investors can accumulate stocks of blue chip stocks at every downfall. So on upside first intra resistance are at 8450,8475,8494,8520. On downside first support is at 8380 level.Next support are at 8351,8320,8300,8250.
RESULT TOMORROW: Bharti airtel, Biocon,HDFC bank, zeel, wockpharma, tvsmotor
TOP GAINERS:  Zee Entertainment, Hindalco, Grasim, HCLTech and GAIL
TOP LOSERS:   ICICI Bank, Dr Reddy, Axis Bank, Infratel and LT
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12 comments:

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