FOR MORE ROCKING CALLS FILL UP THE FORM GIVEN TO YOUR RIGHT SIDE
Markets nosedived on
global weakness which was caused on fears of further devaluation ofChina
currency yuan. Further, it seems unlikely to pass GST bill in this monsoon session
of Parliament which ends on Thursday. The sensex and Nifty
closed 353 points and 108 points down at 27512 and 8353, respectively on
Wednesday as uncertainty over the fate of goods and services tax (GST) bill and
global volatility following devaluation of the Chinese yuan weighed on blue chips.
In the past two days Nifty future has shaved off 200+
points. It has closed below the 8400-mark and closed at an eight day low. This
has been the second negative day in a row and spells trouble for the bulls. The
8400-8425-8450-region is the immediate resistance but the critical level is
around 8460, and it must close above this region to signal the end of the
downswing and above 8480 to signal that it is out of the woods. Till such time
it crosses 8500, it seems to be in a bear grip and selling on rallies with a
stop above 8500 will be a profitable strategy. On the lower side, 8445 is the
immediate support below which support will be found in the 8340, 8320, 8300
levels, and below the 8300-level the downswing is likely to gain fresh momentum.
More about intraday tips on Google +
RESISTANCE: 8400, 8450, 8500
SUPPORT:
8350, 8300, 8250
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