24 July 2015


There was lack of follow up buying after the strong performance by bulls on the previous day and Nifty futures closed in the negative. The index opened on a flat note. It had barely crossed the previous day high when it came under selling pressure and lost a good percentage of what it had gained on the previous day. The Indian equity markets ended in deep red yet again in absence of fresh positive trigger. Markets remained bearish during the session and finished the day on a dismal note with Nifty closing below the 8550 mark as investors remained cautious on tepid quarterly earnings coupled with lack of progress in the passage of key reforms in the Monsoon session of Parliament.
Nifty fell below the crucial mark of 8600 and was testing its next psychological level of 8550. Bank Nifty slipped over 250 points in trade today. After lots of struggle, the market ended lower. The Sensex was down 258 points at 28112 and the Nifty slipped 68 points at 8521. Much of caution also crept-in ahead of F&O expiry week, with investors reluctant of riding the volatility. In the extremely dismal session of trade, indices for once did not attempt recovery and kept grinding lower throughout the session.
The 8550 level was briefly broken intraday but it closed above the coveted 8500 region though in the negative. The 8650 region remains elusive for this index since this is the 5th failed attempt to cross it decisively. This 8654 region has become a strong hurdle must be taken out decisively for fresh momentum. The acid test for bulls above 8650 will be in the 8700-8750 regions. On the lower side, 8480, 8440 are levels which are likely to give support on declines. A breach of 8420 at this juncture will be a cause for concern and a decisive breach of 8400 will put the game in favor of the bears.
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RESISTANCE: 8580, 8640, 8700
SUPPORT:  8520, 8460, 8380

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