The markets have opened the day on a cautious note in line with their Asian peers. Buying is seen in stocks from the software, telecom, FMCG and metal sectors, while auto stocks are trading in the red. The overall advance to decline ratio is poised at 1.08 to 1 on the BSE. As for the global markets, while the US markets ended in the red, the European markets ended mixed. The Asian markets are currently trading mixed.
The market may witness cautious trend as US indices ended down yesterday and Asian indices are exhibiting weak trends in the morning trades. Investors should maintain caution as profit taking at higher levels may pull down the market. Among the local indices the Nifty could test 2900 and 2850 on the downside while on the upper side it may move up to 3000. The Sensex has a likely support at 9550 and may face resistance at 9850.
Trend deciding level for the day is 9,824 / 2,991 (Sensex/Nifty). If the market trades above these levels during the first half-an-hour of trade then we may witness a further rally upto 9,965 / 3,039. However, if it trades below 9,824 / 2,991 for the first half-an-hour of trade then it may correct up to 9,574 – 9,434 / 2,907 – 2,859.
The market may witness cautious trend as US indices ended down yesterday and Asian indices are exhibiting weak trends in the morning trades. Investors should maintain caution as profit taking at higher levels may pull down the market. Among the local indices the Nifty could test 2900 and 2850 on the downside while on the upper side it may move up to 3000. The Sensex has a likely support at 9550 and may face resistance at 9850.
Trend deciding level for the day is 9,824 / 2,991 (Sensex/Nifty). If the market trades above these levels during the first half-an-hour of trade then we may witness a further rally upto 9,965 / 3,039. However, if it trades below 9,824 / 2,991 for the first half-an-hour of trade then it may correct up to 9,574 – 9,434 / 2,907 – 2,859.
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