2 February 2015


Keep an eye on Monetary policy review by the RBI which will be announced tomorrow February 3.
See-saw movement was there in the market. Due to weakness in European and American market Asian market is also trading in red. Nifty, after moving both ways, slipped below the crucial 8,800-mark and settled down 11 points, at 8797. The Nifty was at 8778 down 30 points. It touched a high of 8808 and a low of 8772 in trade today.Index started journey with level of 8802 then touched a low of 8751 and finally end at 8797.
Chances are we would see a gap down opening for tomorrow. It could well open below the today’s low of 8772.If this index were to fall below 8750 then it could weaken even further. In that case, it could well fall further to test 8700-level shortly. In case of any recovery swing, unless it is able to cross 8720 through 8750 range such recovery swings would attract selling at higher levels again. Immediately, once it falls below 8735 through 8720 it would start showing more weakness. The support at 8700 would be quite crucial for if that gets taken out decisively it is likely to come down to test levels close to 8600 as well.
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RESISTANCE: 8820, 8850, 8880
SUPPORT:  8790, 8760, 8730

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