Equities are likely to open higher on Wednesday tracking cues from global shores. However, with crude oil prices inching northward, gains may be limited. Volatility is also likely given the August series derivatives contracts expiry due on Thursday.
For the past couple of sessions, the Nifty is moving in a 150-175 points range. Support is pegged at 4220-4240 points while if the resistance at 4430-4445 points is decisively crossed, it may signal some strength. Volatility is shrinking day by day; range expansion is again due in the coming days.
Intraday, pivot is at 4327 points and immediate support is at 4280 points. The bears have to push the Nifty below 4258 points to mount the driver seat, failing which, the bulls stand a chance. It has to sustain above 4373 points for an intraday move to sustain and surge further. Keep stop losses as we enter into penultimate day of August F&O expiry.
Wednesday, August 27, 2008
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