Nifty faces big resistance between 7,450 and 7,600
The market has gained nine per cent since it hit a new low on Budget day. There are some signs of the uptrend running into resistance but the current sentiment still seems bullish. The Nifty hit a new 21-month low at 6,825 before it turned around. By Friday, it had tested the 7,500 mark and settled at 7,485. The breadth has been good and there’s been high volumes. Domestic institutions sold into the rally but the FIIs have been big buyers through the week. Global volumes have also improved, after China applied yet another round of stimulus and strong US employment data came through.
However, the major market trend could still be down. Many traders and FIIs were net short going into the Budget and some of the momentum has come from covering. On the downside, the low to beat is now 6,825 (February 29 low).
For more visit: Business Standard
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