It was a sea of red in markets on Monday.
Indian markets on Monday logged their biggest drop in 3 months with Sensex tanking
604 points to end below 29000 marks and the Nifty index slipped 181 points to
fall below 8800 level on fears that an earlier-than-expected rate hike by US
will hit fund inflows. Nifty dipped below the 8800 level by
tumbling 181 points, to 8756. Today, it shuttled between 8740 and 8891.
Monday's loss was also Nifty's biggest drop since January 6 when it fell 251
points.
On Tuesday Nifty may open around the 8750 level. The moot point is whether it stays above the critical level of 8800 or not even if it were to open lower. If it manages to does that then only expect some pullback attempt? On the way up assuming the index opening lower around 8875 the first significant resistance to overcome would be found between 8820 and 8850. Unless the last closing level of 8756 is decisively taken out do not expect any sustainable recovery. On the contrary, if it slides below 8715-support area it may well slide down to test the next support range between 8675 and 8650.
SUPPORT: 8750, 8700, 8650
On Tuesday Nifty may open around the 8750 level. The moot point is whether it stays above the critical level of 8800 or not even if it were to open lower. If it manages to does that then only expect some pullback attempt? On the way up assuming the index opening lower around 8875 the first significant resistance to overcome would be found between 8820 and 8850. Unless the last closing level of 8756 is decisively taken out do not expect any sustainable recovery. On the contrary, if it slides below 8715-support area it may well slide down to test the next support range between 8675 and 8650.
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RESISTANCE: 8800, 8850,
8900SUPPORT: 8750, 8700, 8650
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