Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
25 November, 2014 02:51 IST
News
Nifty has strong resistances at 5,610/5,640/5,670: Moses Harding
Source: IRIS | 19 Nov, 2012, 08.04AM
Comments  |  Post Comment

Nifty fell sharply from intra-week resistance window of 5,750-5,780 to hit set buy zone of 5,610-5,580 for further extension into 5,559 before close of week at 5,574. Market Pulse considered 5,610-5,580 as good re-entry point after chasing 150 point rally from 5,630-5,580 into 5,780-5,830. The immediate term outlook is weak as weekly close below 5,580 will take bulls out of the street. The global bourses also do not provide support driven by uncertainties in the US and Euro zones. The domestic cues are worse, hence may need to allow deeper correction for better value buying. It is important for Nifty to get back into familiar trading range of 5,580-5,780 to knock out bearish momentum.

Commenting on the outlook for equity market, Moses Harding, Head - ALCO and Economic & Market Research, IndusInd Bank said, “The immediate support is at 5,568-5,559; test/break here will quickly extend weakness into 5,510-5,475 where it is good for strategic players to buy the second lot holding the final lot for 5,415-5,400 with stop on break here. There are strong resistances at 5,610/5,640/5,670 which should hold to retain bearish undertone into 5,400.”

“For the week, let us watch 5,510-5,610 with extension limited to 5,475-5,640. The strategy for traders is to sell at 5,610-5,640 and buy at 5,510-5,475 with tight stop on break thereof,” he said.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.


FIIs can invest up to 45% in CEAT: RBI - 24-Nov-2014 18:17
Airtel & American tower Corp in pact for Nigeria tower sale - 24-Nov-2014 17:56
HDFC allots shares under ESOP - 24-Nov-2014 17:48
Balrampur Chini to commence crushing operations soon - 24-Nov-2014 17:25
Essar Oil names Manish Maheshwari as CEO - 24-Nov-2014 17:10
Mandhana announces demerger of retail business - 24-Nov-2014 17:03
ICICIdirect selects JK Tyre as techno-funda pick - 24-Nov-2014 15:28
Eros International to allot 50,895 equity shares - 24-Nov-2014 15:28
V-Mart Retail opens new store at Hussainganj, Lucknow, Uttar Pradesh - 24-Nov-2014 15:22
Lupin grants options under ESOP - 24-Nov-2014 15:21
IL&FS Transportation to issue non-convertible debentures - 24-Nov-2014 15:14
more...
* Q - Quote , N - News , C - Chart , F - Financials
Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer