“Right now, it’s hard to say what to buy, but it’s best to wait for a reversal. Nifty has strong support at 23,800, with resistance around 24,600 to 24,700. Going short now is not advisable—any positive news could trigger a pullback to 24,500 or 24,600,” says Dharmesh Shah, ICICI Direct. Very interesting data point Soumeet … Read more
A sharp correction in crude oil prices, a strong June-quarter business update from and net buying by overseas funds after a long time triggered a relief rally in Indian stocks Wednesday, with the Sensex and the Nifty gaining more than a percent each amid weak Asian markets in the backdrop of mounting global concerns of … Read more
The previous five trading days largely saw markets advancing and extending their technical pullbacks on the anticipated lines except for some intermittent consolidation. The high Put OI at 17,000 stayed constant and this lent support to the markets all through the previous week. Markets defended and moved past some key levels on the daily charts … Read more
The market action during the week gone by was largely on the anticipated lines. In our previous weekly note, we had mentioned that the market was firmly placed, but at the same time looked overstretched on the short-term charts. It was also mentioned in that note that in case of any bounce, Nifty will face … Read more