A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India
Nifty has a strong support placed around 15,950 – 16,000 zones while on the upside resistance is placed around 16,500 – 16,580 zones, as per analysts
Sensex, Nifty rose more than 1% to hit their highest in over a month on Monday as investors scooped up beaten-down technology and metal stocks, while the rupee plumbed new lows against the dollar earlier in the session. Sensex rallied 760 points to settle at 54,521. The Nifty advanced 1.4% to 16,278.
Global market cues
Asian shares were subdued Tuesday as Japan’s bourse struggled for traction while South Korea and Australia dipped. On the other hand, Wall Street stocks fell Monday after an early rally petered out following a report that Apple plans to trim spending and hiring.
SGX Nifty
SGX Nifty indicates a lower start to the Indian stock market on Tuesday. Singapore Nifty (SGX Nifty) is the Indian Nifty that is traded in Singapore Stock Exchange and is considered to be the first indication of the Indian markets opening.
Nifty Technical Outlook
“Volatility index India VIX lost 2.5% on Monday and ended at 17.16. The BSE Sensex added 760 points and finished Monday’s session at 54521. Nifty has surpassed its crucial resistance zone of 16,200 – 16,250 on Monday and registered its highest closing since 9 June. On the lower side, Nifty has a strong support placed around 15,950 – 16,000 zones while on the upside resistance is placed around 16,500 – 16,580 zones," said Chinmay Barwe, Head - Technical & Derivative Research at Profitmart Securities.
“The Nifty is currently placed at the key overhead resistance of previous opening downside gap of 13 June and also last swing high of around 16,200-16,300 levels. A sustainable move above this area could pull Nifty towards further swing highs," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities
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