NIFTY rose to 8 days closing high with a single uptick and regained 9,200 mark

MARKET SYNOPSIS

MARKET SYNOPSIS 

* Yesterday, NSE-NIFTY began the session on firm note tracking positive cues from Asian markets and later index managed to surpass intraday hurdles of 9,180 and 9,220 levels during the day amidst upbeat European indices. Finally, after registering low of 9,131 and high of 9,225 levels, NIFTY closed the session at 9,218 mark with rise of 99 points or 1.1%. 

* NSE Cash segment reported turnover of Rs25,926 crore as compared to Rs25,406 crore earlier. 

* Overall market breadth remained positive, where 985 stocks advanced against 694 declined stocks. 

* Positive trend was observed across all the sectoral indices during the day baring Pharma & Media (declined by 0.3% & 0.6% respectively). Realty index once again emerged as a top gainer with the increase of 2.4%. However, rest of the sectoral indices reported gain of in between 0.5% and 1.5%.

NSE-NIFTY OUTLOOK 

* NSE-NIFTY rose to 8 days closing high with a single uptick and regained 9,200 mark, where buying across the board (barring few Pharma and Media counters) and upbeat global cues supported the move. Due to a sharp rally in the index, key technical indicator- Stochastic surged above its neutral level-50 and also RSI has given positive cross-over. Current daily set-up is positive, but only sustenance above 9,250 mark will bring the exuberance of recording new high back in trade. In the meantime, index will either remain sideways or surrender recent gain as FII remained net seller for straight eleventh trading session in a row. On the lower side, index will find support in the range of 9,000-8,950, which coincides with its 50-DEMA and 23.6% Fibonacci Retracement level of prior up-move (7,894-9,274) respectively. 

* As for the day, support is placed at around 9,180 and then at 9,140 levels, while resistance is observed at 9,250 and then around at 9,320 levels.