11 December 2014


See saw movement was there in the market today. Nifty index slipped below its crucial psychological support level of 8300. The fall in the index was weighed down by losses in FMCG, capital goods, consumer durable, metal and auto stocks. The Nifty was closed at 8,292. It touched a high of 8348 and low of 8272 in trade today. Market is now giving us lower levels .The target for this decline is 8200 it will come sooner or later. This is due to the bearish formation on the end-of-day chart of the index, which indicates that we are headed for further fall. In any case, to outline the support levels.
We find 8320-8300 as the immediate support zone then 8300 through 8280 and then 8270-8250 and finally 8235. We still believe that the Nifty would not breach 8250 on closing basis without giving a meaningful correction—this is our worst case scenario for the short term.  
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RESISTANCE: 8330, 8360, 8390
SUPPORT:  8300, 8270, 8240

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