5 June 2015


Markets even after hard struggle cannot manage to come out of bear grip and continues to languish. Sensex ended Friday's volatile session on a weak note. The Sensex closed 45 points lower at 26768 and the Nifty fell for the fifth day to shut shop at 8115. For the most part of the day, the Sensex traded on a highly volatile note. It touched high of 27014 and low of 26718. The Nifty also flip flopped in the positive and negative territories and in intraday deals it touched high of 8191 and low of 8100.
If index is not able to breach 7997, then the chance of moving up is higher. Alternatively, if index moves below 7997, then bearish alternates will come into picture. On hourly charts, the index is placed with strong positive divergence which could provide a minor bounce to 8220 level, but don't create aggressive longs for first one or two days as we don't know whether it's a bounce or a fresh bullish leg. 
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RESISTANCE: 8150, 8200, 8250 
SUPPORT:  8100, 8050, 8000

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