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.
More about intraday tips on Google +
RESISTANCE: 8330, 8360, 8390
SUPPORT: 8300, 8270, 8240
More about intraday tips on Google +
RESISTANCE: 8330, 8360, 8390
SUPPORT: 8300, 8270, 8240
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