Nifty closes lowest in 31 weeks - Anand Rathi

NIFTY (5529) : CNX NIFTY has closed lowest in 31weeks, for Nifty 5600-5640 is proving to be very strong resistance zone while 5440-5480 seems like a strong support zone, so till these levels are not breached a fresh trend will not get confirmed.

INFY Rs.2296, has corrected more than 21% and retraced 78.6% of the rise from Rs.2060 to Rs.3009 & till the derivative settlement we don't expect a major rally in the stock. Any fall Rs.2168, 2060 & 1836 are levels to watch while rally Rs.2443 & 2551 could find major resistance thereabout.

For the Nifty, holding 5500 is important and crossing 5550 then levels of 5600 & 5640 while below 5500 then 5460 & 5420 are levels to watch on downside today. Nifty for the week has stiff resistance at 5625 & 5700 while it also has support at 5440 & 5320 and 200 Week M.A 5329.

This week we have results of RELIANCE on16th, TCS & HCLTECH on 17th, INDUSINDBANK on 18th and WIPRO on 19th which would be closely tracked. Gold & Silver have corrected big ,which would have negative impact on Jewellery stocks like TITAN, TBZ, THANGAMAYL, PCJEWELLER, SGJHL and Gold Loan NBFC MANNAPURAM & MUTHOOTFIN.

RELIANCE Rs.775 has made triple bottom support of Rs.764 & Rs.760 post result if the stock hold Rs.760 levels then Rs.825-850 levels possible on higher side while below 760 on closing basis retesting of 670 levels becomes possible.

SENSEX (18242): Sensex opened Gap-down(18397-18337) as INFY & WIPRO impact was higher in this index where 18600 is proving to be a strong resistance. Sensex' s 200DMA 18641 & 200Week M.A 17722 would be crucial range this month. Sensex for the day should hold 18170 & cross 18340 to target 18470 & 18600, while below 18170 then 18040 & 17860 are levels to watch.

Source : Equity Bulls

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