After managing
a steady recovery during the course of the day, the market fell like a pack of
cards. The market snapped its seven-day winning streak after all round selling
in the last hour of the day dragged the indices lower. The Sensex shed 245
points, while Nifty slipped 84 points.
Nifty slipped below 8800-level by falling 83 points to close at 8750. Intraday,
it hovered between 8840 and 8722. For
the most part of the day, the Indian benchmark indices traded in a choppy
fashion.
The market may make a pull-back attempt and if it fails to reclaim 8800 then the market should come collapsing down. Incase Nifty slips below it, I will be skeptical and possibly start aggressively start exiting long positions and look at shorting opportunities. If the selling continues tomorrow and there is pressure below 8700 then the bounce back will be over. If 8700 hold then the Nifty will make an attempt to cross 8800. Markets fell sharply in the last hour on the back of heavy off-loading seen in the banking stocks. Going ahead we expect 8700 mark to act as a strong support for the Nifty, which is also its 50 DMA. Also results season which will kick off in the coming week will provide direction.
The market may make a pull-back attempt and if it fails to reclaim 8800 then the market should come collapsing down. Incase Nifty slips below it, I will be skeptical and possibly start aggressively start exiting long positions and look at shorting opportunities. If the selling continues tomorrow and there is pressure below 8700 then the bounce back will be over. If 8700 hold then the Nifty will make an attempt to cross 8800. Markets fell sharply in the last hour on the back of heavy off-loading seen in the banking stocks. Going ahead we expect 8700 mark to act as a strong support for the Nifty, which is also its 50 DMA. Also results season which will kick off in the coming week will provide direction.
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RESISTANCE: 8800, 8850, 8900
SUPPORT: 8750, 8700, 8650
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