Today market braked out of narrow range and plunged sharply
in mid session following basket selling in index stocks triggered by tension in
Iraq. According to reports, after taking control of Iraq's biggest oil refinery
in Baiji, ISIS militants are now just minutes away from it's capital
Baghdad. The sensex tumbled over 495 points due to this iraq worries. it
again slipped to end the day at 25,246 down 274 points. Today sensex
started at 25565 made a high of 25609, and low of 25114, and closed at
25246.Today the Nifty future bounces back strongly
after a correction of a little over 200 points. Nifty future started at 7655
made a high of 7672 and low of 7523.today nifty future ended at 7556 by a low
71 points. total 149 points was moved nifty future today, for today most
critical levels to watch out for nifty future was range between 7635 and 7615.
Now for tomorrow nifty will manages to stay above this range it will continue
moving up. We are expecting a retest of the next supply zone between 7680 and
7695, and once that zone is successfully taken out it is likely to get past the
7700 mark to post a new high. The supply pressure would be felt in our
anticipation between 7710 and 7730, then again between 7770 and 7800 levels. This correction augurs well for the market in all likelihood. Our
market is getting ready for the pre-Budget rally.
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