The National Stock Exchange Nifty fell
below its 200-day moving average for the first time in nearly 15 months, led by
declines in blue chips on continued worries about retrospective taxes and
lower-than-expected January-March earnings so far. The Nifty declined as much
as 1.01 per cent to break its 200-day moving average of 8254 for the first time
since February 6, 2014. The benchmark Sensex fell as much as 0.8 per cent. CNX
Nifty loses 1.10%, or 91 points, to end at 8213.
This nifty index, , looks quite vulnerable; if it will fall below 8200 then we could see a big fall could be on the way, which would lead the Nifty to test 8150 through 8100-level major support area. For tomorrow, the level of 8150 is a very critical support to watch out for; if the bears are able to take it out more depth charge likely, and the above-mentioned major support could well be under severe test. In any case, this level of 8200 would continue to be the last line of outer defense of the bulls before its inner citadel of 8100 comes under fire. Any decisive breach below the level of 8000 would mean the medium term uptrend for the nifty coming under threat of a possible termination—however, unpalatable it may sound to the perma-bulls!
Any rally from current levels that fails to clear 8300-level decisively would see fresh supply pressure building up.
This nifty index, , looks quite vulnerable; if it will fall below 8200 then we could see a big fall could be on the way, which would lead the Nifty to test 8150 through 8100-level major support area. For tomorrow, the level of 8150 is a very critical support to watch out for; if the bears are able to take it out more depth charge likely, and the above-mentioned major support could well be under severe test. In any case, this level of 8200 would continue to be the last line of outer defense of the bulls before its inner citadel of 8100 comes under fire. Any decisive breach below the level of 8000 would mean the medium term uptrend for the nifty coming under threat of a possible termination—however, unpalatable it may sound to the perma-bulls!
Any rally from current levels that fails to clear 8300-level decisively would see fresh supply pressure building up.
- Most critical level for the tomorrow: 8100 (downside) and 8350 (upside)
- Strong support: 8180 – 8149
- Major support: 8150 – 8100
- Strong resistance: 8250 – 8300 and 8350 – 8400
- Major resistance: 8330 – 8420
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