The market after flat opening yesterday continued to drift lower till late afternoon when short covering coupled with value buying in select front line stocks emerged pulling the market up erasing earlier losses. The Sensex finally closed at 26087 gaining 96 points while the Nifty ended at 7791 up by 42 points. The market may remain volatile today as July’14 F&O series expires today. Readers are advised to trade with caution keeping stock specific approach.
NIFTY FUTURE (Last close 7788.30)
The counter after flat opening yesterday continued to drift lower till late afternoon slipping to day’s low of 7711 when short covering coupled with value buying in select front line stocks pulled up the counter to session high of 7794 erasing earlier losses. The counter finally closed gaining 45 points. The counter to retain its up move needs to trade and remain above 7805.75 whereby it may move up to 7824/7839. Strong support for the counter exists at 7769.25 which if breached decisively with volumes then it may slide to 7753/7735.
The counter after flat opening yesterday continued to drift lower till late afternoon slipping to day’s low of 7711 when short covering coupled with value buying in select front line stocks pulled up the counter to session high of 7794 erasing earlier losses. The counter finally closed gaining 45 points. The counter to retain its up move needs to trade and remain above 7805.75 whereby it may move up to 7824/7839. Strong support for the counter exists at 7769.25 which if breached decisively with volumes then it may slide to 7753/7735.
BANK NIFTY FUTURE (Last close 15451.70)
The counter after positive opening yesterday failed to hold on to the opening levels and moved with negative bias till late afternoon when short covering coupled with value buying in front line banking stock emerged pulling up the counter to day’s high of 15469 in closing hours. The counter finally closed gaining over 220 points. The counter to retain its up move needs to trade and remain above 15477.75 whereby it may move up to 15527/15571. Strong support for the counter exists at 15419.25 which if breached decisively with volumes then it may slide to 15363/15296.
The counter after positive opening yesterday failed to hold on to the opening levels and moved with negative bias till late afternoon when short covering coupled with value buying in front line banking stock emerged pulling up the counter to day’s high of 15469 in closing hours. The counter finally closed gaining over 220 points. The counter to retain its up move needs to trade and remain above 15477.75 whereby it may move up to 15527/15571. Strong support for the counter exists at 15419.25 which if breached decisively with volumes then it may slide to 15363/15296.
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