8 December 2014


Sell SSLT Future below 233.50 Tgt 231.20/228.20 Sl 237.90
Indian markets logged their worst single-session drop in eight weeks today. Nifty dipped below the key 8,500 level by tumbling 100 points to close at 8438. Intra-day, it traded in a range between 8432 and 8546.

The index seems to be stalling at current levels: not much movement and it appears to be a bit uncertain as to which direction it wants to take. The most critical levels to watch out for tomorrow’s session will be between 8530 and 8460. If the index were to stay below this zone then the weakness could actually develop further else the sideways movement might well
continue. The market will try to move up it will face strong resistance between 8500 and 8550. On the downside, till such time the bears take out 8400 level for the Nifty decisively general market weakness would not be very pronounced and the bulls might again come to buy stocks at lower levels, however, a close below 8400 would signal a probable onset of a deeper correction than just a sideways movement.
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RESISTANCE: 8440, 8480, 8520

SUPPORT:  8400, 8360, 8320

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