26 November 2014


SBIN 305 Call @ 2.80 Tgt 4.50/6.90
Market opened weaker today. The Nifty was down 18 points to 8845, But Nifty have made a good comeback in the last half an hour the Nifty was up 22 points at 8484.
Market has been through the first serious profit taking over the last one month. However, the fact that it has not closed below 8475 today showed that bulls still retain a fighting chance in arresting any major fall but if the index were to close below the 8460 level in a decisive manner, the short-term trend would be in danger of getting terminated. This downswing is
not going to create any major problem and it would remain a course correction if the Nifty does not slide below 8350-mark on the back of heavy selling. In today’s session, we need to watch out for the level of 8474 on the upside and 8460 on the downside. If the index sustains above 8490 on good volume activity then the chances of recovery would brighten up while a sustained campaign below the 8430-mark would mean a probable test of the significant support zone between 8391 and 8350.
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RESISTANCE: 8490, 8530, 8570
SUPPORT:  8550, 8510, 8470

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