Published on 16/03/2017 10:51:20 AM | Source: Reliance Securities Ltd

NIFTY will face resistance at around 9,200 and then at 9,500 levels - Reliance Sec

Posted in Market Outlook | #Market Outlook #Reliance Securities Ltd


Technical Research

MARKET SYNOPSIS

* On Wednesday, NSENIFTY remained sideways during the day and finally, after oscillating in 9,076- 9,107 range, closed the session at 9,085 level with the loss of 2 points.

* NSE Cash segment has reported turnover of Rs24,611 crore as compared to Rs27,837 crore earlier.

* Overall market breadth remained positive, where 885 stocks advanced against 761 declined stocks.

*There was positive trend observed across all the sectoral indices barring IT index (i.e. down by 1.7%) during the day. PSU Bank index emerged as a top gainer with the increase of 1.3%. However, rest of the sectoral indices gained in between 0.1% & 0.8%. 

 

NSE-NIFTY OUTLOOK

*Narrow range consolidation continued in NSE-NIFTY for straight second trading session in a row as world market are also waiting for key global trigger (i.e. US Federal Reserve’s rate hike decision and commentary). As mentioned earlier we believe that overall trend will remain positive, but high volatility cannot be ruled out during the day. On the lower side, 8,900 mark will work as key reversal point for NIFTY as any close below that level will drag index till 8,700 level. However, on the higher side, NIFTY will face resistance at around 9,200 and then at 9,500 levels.

* As for the day, support is placed at around 9,050 and then at 8,970 levels, while resistance is observed at 9,130 and then around at 9,200 levels

 

Intraday Picks

ASHOKLEY (LTP: 91) BUY

For today’s trade, long position can be initiated at Rs 90 for target of Rs 93 with a strict stop loss of Rs 89. Traders are advised to avoid early morning whipsaw.

IGL (LTP: 1020) SELL

For today’s trade, short position can be initiated at Rs 1026 for target of Rs 1005 with a strict stop loss of Rs 1035. Traders are advised to avoid early morning whipsaw.

 

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