10 October 2014


After yesterday’s recovery today again market slipped into the red. Weakness in global stocks triggered a sell-off on the domestic bourses on last trading session of the week. Sensex was provisionally down 325 points at 26,312. In the foreign exchange market, the rupee edged lower against the dollar as equities dropped. The nifty index also slipped below the level 7900. The Nifty closed at 7859, down 100 points .It touched a high of 7924 and a low of 7848 in trade today. Total 76 points was played by nifty throughout the day.
On Monday nifty will try to cross the hurdle between 7885 and 7905 for this would act as the most critical levels for the Nifty. In case, there were to be any further fall, we need to monitor 7850 through 7830 strong support area. If this gets decisively broken then the upswing of Thursday’s would be all but forgotten. We still feel that any rally of yesterday’s kind in this market seems is just short-covering and is likely to fizzle out sooner than later. To remain light on the long side this October is the best bet given the current state of market.
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RESISTANCE: 7870, 7920, 7970
SUPPORT:  7820, 7770, 7720

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