Today Volatility was observed as the market alternately swung between positive and negative zone. Indian stocks snapped
four day winning streak today. After opening higher a sudden slide was
witnessed in the market. sensex & nifty future both hit record high in
mid-morning trade then indices slipped into the red in early afternoon
trade. Today Sensex holds 25,500 Nifty future was oscillating between the levels 7610-7675.
Nifty future started at 7640 made a high of 7677 and low of 7610 and closed at
7664.total around 67 points was nifty future moved today. The nifty future has
turned weak; now, it remains to be seen if it were to go down further or we see
another attempt at reclaiming lost ground. We tend to think that even if such a
thing were to happen, it is unlikely to sustain at higher levels immediately.
Thus, if you see such intraday rallies faltering again, start selling once you
notices the first clear sign of weakness. The most critical zone for tomorrow
will be between 7640 and 7680. . If this range gets decisively violated expect
quite a bit of bull liquidation. When we see the index maintaining strength and
staying above 7650 – 7670 range then expect a test of 7710. On the downside, in
case of any eventual fall below the 7600-mark expects major support between
7580-7550.
Today bank nifty also having very good movement .Bank nifty
crossed the level of 15500.It started at 15450 made a high of 15580 and low of
15322 and closed at 15550.total 258 points was moved by bank nifty. In the bank
nifty index the levels between 15450 and 15430 assume special significance
since this zone is likely to act as key levels in determining strength or
weakness for the market. Sustaining above 15450 would essentially mean another
attempt at 15500 or higher levels but any failure to clear 15500 would again
mean great weakness setting in now. In case, weakness develops we need to watch
the performance of the strong support zone between 15300 and 15250 for the day.
This zone should hold else we might well witness the onset of some serious
correction.
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RESISTANCE: 7670, 7690, 7710
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