On Wednesday, Nifty may open on a positive note. Nifty showed good strength on
Tuesday and crossed its crucial resistance at 4760 with higher volumes and positive
market breadth. Nifty March Future also closed on premium. Buying pressure was
seen across sectors and all sectors closed in green. However, Global factors play
crucial role in sentiment preparation. So traders should be cautious. For the Daily
purpose, trend deciding level is 4895. If Nifty shows strength above 4895 with good
volumes then we may see a rally to 4925/4945/4975. Breakout may take it to
4995/5025/5045 and higher. On the other hand, if Nifty doesn’t sustain above 4895,
then we may see a decline to 4875/4845/4825. Breakdown may take it to
4795/4775/4745/4725 and lower.
Closing summary
Nifty opened on a positive note at 4616.80 and showed good strength throughout the
day. Nifty made a high of 4896.80 and closed in green at 4877.50 with 267.65 points
gain. Nifty remained in up trending mode throughout the day. Volumes were higher
than previous session and market breadth was highly positive with 1068 advances, 143
declines and 15 shares were unchanged. Nifty March future closed with 24 points
premium at 4901.50.
Good buying was seen in Realty, BankeX, CD, IT, Metal, Oil & gas, Teck, Power,
PSU, CG, Auto, HC and FMCG stocks. Sensex closed 928.09 points up at 16217.49.
DLF (up by 14.83%), REL (up by 11.68%), Unitech (up by 10.98%), HDFC (up by
9.89%), Wipro (up by 9.83%) and Icici Bank (up by 9.70%) were the top gainers. Sun
Pharma (down by 2.54 %) was the worst hit.
Resistance at 4937-20-73-5017-5035-5079-5183.
Supports at 4802-21-4657-23-4517.
Nifty long above if traded abv 4800 tgt 4885-4905-50 sl 4770.
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