Nifty Trade setup positive: Key resistances pose big hurdle
In extremely volatile trade on Wednesday, Nifty swung 100-points on either side in the last two hours of trade before settling the day with gains. The market saw a positive opening and spent a major part of the session maintaining those gains and trading sideways.
However, late-afternoon trade saw a sharp decline, which was followed by an equally sharp recovery from the lows. Nifty recovered nearly 105 points from the low to end the day 53 points or 0.49 per cent, higher.
Nifty may see a positive start to trade on Thursday, but the session is not going to be an easy one. In the previous session, Nifty faced resistance at its 100-DMA and even after the sharp rebound halted at this level. Thursday’s opening and trajectory will be crucial to deciding Nifty trend for the day. Nifty is likely to see the 10,867 and 10,940 levels act as immediate resistance, while supports should come in at 10,795 and 10,750 levels.
Buy Recommendation BTST
Short Term
|
|
Stocks
|
Target
|
SBI
Life Insurance
|
605
|
Infosys
|
690
|
TCS
|
2030
|
IndusInd
|
1640
|
M&M
|
766
|
Cipla
|
520
|
L&T
|
1460
|
HDFC
Band
|
2115
|
ICICI
Bank
|
380
|
Reliance
Industries
|
1200
|
ITC
|
300
|
