Suprabhatam, Mitro!
Aap sabhi ko Shri Krishna Janmashtami ki Hardik shubhkamnaye. I hope you're doing well and making amazing profits. Market has been kind to Bulls for past few days. Yesterday after remaining in pressure almost entire day, market absorbed all the selling pressure in last 1 hour and closed in green. What can we expect today?
It has finall broken the down trend on Weekly Chart but need a weekly closing above 17700. So today's session is very important. Bulls anyhow news to defend 17700 today. If they do so, Break Out would be confirmed. So all eyes on this level. 18050-18150 is an area of area of resistance, so may spend some time in rangeof 17700-18150 for a while. After a decent run, this consolidation is okay for market to gear up for next run. From Sell on Rise, we've shifted to Buy on Dips. For Intraday, Buy above 18000 or Sell below 17900 for Target of 50 to 70 Points either side.
It has already broken out on Weekly Time Frame and gave closing above 39500. I'd love a weekly closing above 39200, if above 39500 it'd be even better. 40000 is a psychological level which may attract some sellers, so be a little cautious on longs. I expect it to consolidate between 39200-40000 for a while. For Intraday, Buy above 39700 or Sell below 39500 for Target of 150-200 points either side.
Watch Out for:
#RANEHOLDIN above 835
#KPIGREEN above 860
#KKCL above 435
Sectors in Focus: Cement, Hotel & PSU Banks.
Wishing you a profitable day ahead!