Indian bourses opened gap down amid mixed global cues. Nifty plunged below 8500 level post Delhi election. However, indices rallied on the hope that the government will push economic reforms at a faster pace after a surprise defeat in the Delhi. Nifty and Sensex recouped its key psychological levels of 8800 and 29000 respectively. Nifty ended week with gain of one and half percent after four consecutive positive sessions.
Near term resistance for Nifty index are at 8850 and 8925 levels. Cross over above 8925 level could lift Nifty index to 9000 level. Support levels for Nifty index are 8735 and 8680. Fall below 8680 level, index could drag up to 8600 level.
On macroeconomic front, India's Industrial growth slowed to 1.7 percent in December from 3.9 percent in November, owing to low consumer durable goods and mining output. CPI inflation rose to 5.11 percent in January from 4.28 per cent in December.
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