10:39
MCX Tips
The Sensex opened above the 18000 level for the first time since August 4, 2011, following positive Asian cues. Asian markets were trading 1-2% higher.
The BSE benchmark rose 200 points to 18,056.62 and the NSE benchmark gained 60.45 points at 5,477.60. All stocks were in green on NSE Nifty 50.
NIFTY (5414.06) ---
Day seven in the long band, The Nifty continues to trade sideways, and this has been a long consolidation. During today’s trading sessions the Nifty opened marginally lower and then managed to trade higher and stay there. At close the Nifty made a new high, breaking out of the 100 point band (by a few points), however the revised close got it back in the band. Hence it is likely that the Nifty may break out on the upside. The Bank Nifty has broken out of the last four day range and since banking has been leading the market, it’s highly probable that the Nifty will follow. The worrying part is with six trading sessions left for the F&O expiry, the Nifty and Bank Nifty are trading at hefty premiums. On the upside the market has to either break out of 5437 and sustain or break below 5312 which would be the first sign of weakness.
The BSE benchmark rose 200 points to 18,056.62 and the NSE benchmark gained 60.45 points at 5,477.60. All stocks were in green on NSE Nifty 50.
NIFTY (5414.06) ---
Day seven in the long band, The Nifty continues to trade sideways, and this has been a long consolidation. During today’s trading sessions the Nifty opened marginally lower and then managed to trade higher and stay there. At close the Nifty made a new high, breaking out of the 100 point band (by a few points), however the revised close got it back in the band. Hence it is likely that the Nifty may break out on the upside. The Bank Nifty has broken out of the last four day range and since banking has been leading the market, it’s highly probable that the Nifty will follow. The worrying part is with six trading sessions left for the F&O expiry, the Nifty and Bank Nifty are trading at hefty premiums. On the upside the market has to either break out of 5437 and sustain or break below 5312 which would be the first sign of weakness.
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