Yesterday’s
Tatasteel Call
almost achieved 1st target..!!!
The
Sensex ended a volatile session on flat-to-negative note as global markets
remained under pressure on concerns of global economic growth. Today Nifty closed at 7842 down
9 points. It touched a high of 7869 and a low of 7815 in trade today.
Further weakness is
quite likely in tomorrow's session also. If the Nifty will fall below 7820 and
sustain there then expect more selling to come. For any sustainable recovery
wait till you see the Nifty taking out successfully the potential supply zone
between 7890 and 7930 this is the bare minimum condition that the bulls need to
meet so that we can see a sustainable recovery. Hence, any failed attempt in
this regard would be very damaging for the market.
Now, we need to reiterate
that our view for the market this month is negative: we are likely to see the
Nifty falling further down this month: in our estimation, we are likely to see
the nifty falling down to test 7800-7750 major support area while on the way
there can be some pause in the downward movement between 7825 &7785. This
bearish outlook can only be negated if the Nifty were to decisively take out
8100 through 8130 strong resistance.
More about intraday tips on Google +
RESISTANCE:
7850, 7900, 7950
SUPPORT: 7800, 7750, 7700
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