Nifty in tight range 9700-9900

Money Times - - Market Outlook Best Bet - By Ro­han Nalavade

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.

Among stocks,

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)

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