After opening on a strong note, markets were unable to hold
on to their gains as sudden offloading in the banking, metal and infra shares
dragged the indices in late trade. After consolidating in the positive zone for
the major part of the trading day, the market turned volatile in the late noon
deals. Nifty moved in a range of
near 100 points. The Nifty, from a high of 8550, tumbled to a low of 8454, and
eventually settled at 8491, down one point.
We expect market to consolidate between
8600-8400 in this truncated week. Now the major hurdle for
the Nifty is the 8530 above which we can expect more buying to come. But
tomorrow the markets may remain choppy throughout the day as of the holidays.. So for tomorrow on upside first
resistance is at 8535-8580. Level On downside first support is at 8450-8400.
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RESISTANCE: 8535, 8570, 8605
SUPPORT: 8500, 8465, 8430
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