Markets opened flat on Tuesday and remained volatile for
most part of the trading session.
The Sensex staged a smart recovery in the last 30 minutes of
trade to end 100 points higher at 26,686. The Nifty settled 33 points
higher to close 8,047 after buying in banking, auto and power stocks resumed. For
the most part of the day, the Sensex traded in the negative territory but it
rebounded over 350 points from the intraday low levels.
Nifty breached the 8000 mark on more than one count and even
closed below the same. A smart recovery in yesterday’s session failed to amuse
traders for long as selling pressure emerged yet again as indices inched closer
to 8050. The range between 7956 and 7929 is not an easy to break support;
hence, the bulls need not worry so long as they defend this zone for a serious
breakdown below this level would probably lead to a sharp fall—it’s kind of the
last citadel the fall of which would mean the bulls beginning to capitulate.
Hence, we need to be vigilant about this zone. On the other hand, the Nifty
taking out the range between 8057 and 8071 would signal the first sign of
strength. Beyond that, there would be a minor resistance at 8104 but the truly
tough supply zone would be found between 8122 and 8143.
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RESISTANCE: 8100, 8150, 8200
SUPPORT:
8050, 8000, 7950
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