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Sensex has support at 9500-9200: Karvy

Posted on: December 24th, 2008 and is filed under Brokerage Recommendations.

According to Karvy Stock Broking’s Technical Analysis report, the indices may find support around 9500-9200/2950-2900 levels for the day.

Karvy Stock Broking’s Technical Analysis report:

Global indices are trading on a negative note. Hence, our indices are expected to open on a flat to negative note. The surges in the index may invite fresh selling pressure thus leading to a rangebound movement. However, with expiry due for today, we expect the trades to remain highly volatile and choppy in nature. If the indices sustain the current levels then we may see short covering in the second half of the session. Hence, investors are advised to remain on the long side of the market until 2900 levels are held on the Nifty. On the higher side, 10050-10250/3000-3050 levels will continue to act as stiff resistance while the indices may find support around 9500-9200/2950-2900 levels for the day.

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