Support for Nifty seen at 7610-7580: SMC Global Securities

Written By Unknown on Jumat, 18 Juli 2014 | 10.54

According to SMC Global Securities, support for Nifty is seen at 7610-7580 while resistance is seen at 7680-7700.

SMC Global Securities' Technical Report:

It was a dull session for the markets as both the benchmark indices traded in narrow range but maintained the positive bias throughout the day. Moreover, benchmark indices got success to end above 7600 levels for the second consecutive day on account of buying witnessed in power, metal consumer durables and capital goods stocks.

Meanwhile, the broader indices outperformed the benchmark indices as mid cap and small cap indices gained over 1% gain. In Asia, equities also traded higher following a record close in the US markets. Kospi is sitting close to a two month peak as sentiment got a boost after June producer prices rose for the first time in 20 months.

Nikkei is also at a two week high and is higher by 2 percent for the week.

Support for Nifty is seen at 7610-7580 while resistance is seen at 7680-7700.

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To read the full report click here


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