13 August 2015


Benchmark indices ended the session on a flat note amid volatility. Pharma shares gained amid a slide in the rupee and banking shares rallied on hopes of a rate-cut by the central bank on the back of easing consumer price inflation and growth in industrial production. However, the upside was capped as the monsoon session of Parliament came to an end without the passage of any key legislation.The 30 share sensex ended at 27550 levels, up by 37 points while the Nifty ended at 8356 levels, up by 6 points. Nifty today closed at 8564 down around 24 points.
Slide in nifty future gained momentum and it closed deep in the red. What nifty futures did in two earlier day, shaving off 100+ points, it accomplished it in a single day last session, losing 125+ points. Many of the major support regions have been breached in last day’s sell off in line with a global melt down. A decisive breach of 8326 is likely to bring in more supplies. 8300 is likely to offer some support as the 200 day exponential moving average is posited there. A decisive breach of this level will be significant since it is a long term moving average and will signal fresh downside momentum. On the higher side, 8393-8400 is the immediate resistance and a failure to cross it on rallies will have further bearish impact. It must now sustain above 8455 to signal the end of the slide and above 8525 to signal strength.
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RESISTANCE: 8650, 8680, 8710
SUPPORT:  8620, 8590, 8560           

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