Nifty in tight range 9700-9900
In the last issue, we had rightly stated that 9700 is a major support level for the Nifty. The market respected this level and bounced back towards 9950. Now, 9700-9900 has become a very important range for the Nifty. If 9700 is breached, the Nifty may fall to 9650-9600 and if 9900 is crossed, we may see Nifty 10000-10500 levels. Last week, the Nifty closed above 9801, which is an important Gann square level and also above the previous week’s closing of 9710. So, the range is intact and a range breakout is likely to be seen soon. Vishal Sikka’s resignation as CEO & MD at Infosys shook the Indian stock market on Friday as investors hammered the Infosys share beyond 9% in a single trading session. On the global front, geo-political news is impacting the global markets. Once it settles, the markets can gain strength. This week is crucial for the markets.
Hindalco Industries looks good at Rs.224-228 for upside levels of Rs.260-280 (SL: Rs.220)
ITS looks good above Rs.276-280 for upside levels of Rs.289-293 (SL: Rs.272)
Infosys looks weak below Rs.930 for downside levels of Rs.915-900 (SL: Rs.945)