The benchmark Sensex today washed
out initial gains and ended nearly 35 points down at 26,349 on selling in
realty, IT, consumer durable shares amid investors adopting caution ahead of
key state elections. Nifty also moved down by 20 points to end
at 7,864. A late short-covering rally in the market
changed the picture for the Nifty. While we did anticipate a short covering
rally but never thought it to be so powerful.
However, it is a short covering
rally for we saw large scale reduction in open interest in not just the Nifty
or the sensex but in a number of pivotal counters. Chances are this short
covering rally might well continue on Thursday also , Or If any recovery will
take place then nifty have To remain bullish the index needs to stay above 7890
– 7935 range; any failure to do so would invite bull liquidation and some short
selling as well.Both the stock exchanges, BSE and NSE will remain closed tomorrow on the account of voting for assembly polls in Maharashtra.
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RESISTANCE: 7890, 7920, 7950
SUPPORT: 7860, 7830, 7800
u are not proving any calls....
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