The markets ended on a divergent note last week. The BSE Sensex gained 140 points, while the NSE Nifty shed 74 points.
The Sensex, which surpassed the 21,000-mark, found it difficult to sustain above the mark owing to profit taking. From a low of 20,438, the index rallied to a fresh all-time intra-day high of 21,207 and finally ended the week at 20,827.
The Nifty touched a fresh all-time high of 6,357 and then tumbled to a low of 6113, before settling with a loss of 74 points at 6,200.
The short-term trend seems confusing. The Sensex may see 21,300 on advances, while it may drop to 20,350 levels in case of weakness. The on-going results season and overseas cues are some of the factors that would add to the market volatility.
There is firm support for the Sensex on the monthly chart around 19,300 to 19,700. The broad range for this quarter is between 18,200 and 22,350, while 19,000 and 21,570 would be significant support and resistance points.
The Nifty, which has trailed the Sensex so far this year, is likely to find strong support around 5,950 in case of a further downmove. On the upside, it may target 6,500 by the month-end. The broad range for the index is 5,400 and 6,870.
The index is well above its 20-day moving average, which is 6,073, and the 50-day moving average which is 5,915. The 9-day RSI is also comfortably placed at 59.
The Sensex, which surpassed the 21,000-mark, found it difficult to sustain above the mark owing to profit taking. From a low of 20,438, the index rallied to a fresh all-time intra-day high of 21,207 and finally ended the week at 20,827.
The Nifty touched a fresh all-time high of 6,357 and then tumbled to a low of 6113, before settling with a loss of 74 points at 6,200.
The short-term trend seems confusing. The Sensex may see 21,300 on advances, while it may drop to 20,350 levels in case of weakness. The on-going results season and overseas cues are some of the factors that would add to the market volatility.
There is firm support for the Sensex on the monthly chart around 19,300 to 19,700. The broad range for this quarter is between 18,200 and 22,350, while 19,000 and 21,570 would be significant support and resistance points.
The Nifty, which has trailed the Sensex so far this year, is likely to find strong support around 5,950 in case of a further downmove. On the upside, it may target 6,500 by the month-end. The broad range for the index is 5,400 and 6,870.
The index is well above its 20-day moving average, which is 6,073, and the 50-day moving average which is 5,915. The 9-day RSI is also comfortably placed at 59.
0 comments:
Post a Comment