17 September 2014


The bear are on track; Nifty future started at 7994 but could not sustain this level and dropped till 7962.It made a high of 8010 at the time of closing it tried it tried to get recover & Finally ended at 7992 Total 48 points Was played by Nifty future throughout the day.Whole day one positive thing was there, that nifty won't brake down the level of 7950 t.In case, there is for strong recovery in the market, the Nifty future needs to get past the first critical supply zone between 8020 and 8050 range. Once again, the level of 8035 comes now if the index remains below this level it would signal a new phase of weakness coming in, which, by the way, is all but natural due to US Fed two-day policy meet which ends later today.
In Today’s trading so long as the Nifty future does not cross 8020 and close above that no sustainable recovery is likely. The technical indications are clearly bearish. Despite that if the Nifty future manages to get past 8075 and decisively close above the level then it would be a great achievement for the bulls. Right from 8070 through 8090 is a major supply zone for the index..
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RESISTANCE: 8000, 8035, 8070
SUPPORT:  7965, 7930, 7895


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