11 March 2015


"BUY HDIL 125 CALL @ 2 TGT 3.80/5.50 SL 0.50"
"SELL IDFC FUTURE BELOW 169 TGT 167.20/165.40 SL 172.40"
Consolidation was there in the market today Nifty closed at its important psychological level of 8,700. Nifty declined 12 points to shut shop at 8,700, it opened at 8728 made a high of 8755 and low of 8682, total 73 points was played by nifty throughout the day.
The intermediate uptrend is now clearly under threat! If there isn’t any significant recovery tomorrow   it is quite likely that we would see further downside from here that might lead the Nifty to test 8625 through 8595 support area shortly. The last and final citadel for this uptrend is now located just around the 8500-mark. If after taking out the 8625 – 8595 support area it breaks down decisively below the 8500-mark both the intermediate and the medium term uptrend would be under threat. Thus, we need at least a short term reversal soon enough so that these scenarios don’t pan out.
The critical range to monitor for tomorrow will be found between 8741 and 8779 unless this range is decisively taken out any recovery swing or a short covering rally would just be a mild pullback; it won’t do the job for the bulls in fact, it could just be an invite to the bears to press sales again. On the downside, any sustained campaign below 8670 would mean the probability of testing the important support area between 8625 and 8595 going up significantly. We need a strong close above the 8825-mark to counter this bearish overhang.
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RESISTANCE: 8750, 8800, 8850

SUPPORT:  8700, 8650, 8600

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