Nifty has resistance at 2820: Reliance Money

According to Reliance Money’s Morning Notes, as for today’s trade, NIFTY will continue to see 2740-2750 and then 2705 levels as intraday support. On higher side any move above levels of 2800 may continue to see profit booking with 2820 as most important hurdle as of now.

Reliance Money’s Morning Notes:

Finally indices bounced back taking support on an expected line. Although volumes continue to remain lack lustrous with negative market breadth. As per provisional figures FII too remained net seller in yesterday’s trade. Technically for short term NIFTY will continue to see 2740-2750 range as a supportive one however low volumes may make it extremely difficult for any fresh sustainable up move. As for today’s trade, NIFTY will continue to see 2740-2750 and then 2705 levels as intraday support. On higher side any move above levels of 2800 may continue to see profit booking with 2820 as most important hurdle as of now. Market players may await inflation data before taking any directive action. Low inflation may trigger a positive rally however as mentioned earlier volumes will continue to remain a major cause of concern. Strict stop losses are absolute must for all short term positions.

Tags: calls, daytrading, free calls, intraday, tips

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