Divergent trend was
followed by market today. Market movement was completely volatile. Today nifty
was shuttling between 8326
and 8236 levels. Nifty started at 8307 made a high of 8326 and low of
8236 and closed at 8277 total 90 points was moved by nifty throughout the day.
Today nifty has closed below the supporting level of 8300.
The nifty index has snapped its phase of three
straight up days and closed below the 8300-mark. For tomorrow, the range
between 8280 and 8250 becomes the most critical
zone for the day for any
decisive fall below this support area would mean the first serious sign of
weakness while if the bears were to fail to penetrate this support area and
make a failed attempt the market would again rally. The confirmation of the penetration
would, however, come not below 8250 but below 8235. On the way up, now the
range between 8335 and 8364 would act like a strong supply zone.
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RESISTANCE: 8290, 8320, 8350
SUPPORT: 8260, 8230, 8200
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