17 August 2015

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The Sensex fell 189 points to close at 27878 and Nifty declined 41 points to shut shop at 8477 on the back of profit booking after Friday's sharp up move. In the intraday deals today, the Sensex and Nifty traded with a negative bias. Sensex tanked over 189 points to close below the 28000-level on Monday as participants indulged in offloading positions amid exports contracted for the eighth straight month by 10 per cent in July to $23.13 billion. The 30-share barometer slipped below the 28000-mark by plunging 189 points to close at 27878 on Monday. Nifty dipped below the 8500-mark by losing 41 points to close at 8477.
The index is likely to show continued strength provided it stays above 8500 – 8520 critical zone for the day, which is likely to act as the trend deciding levels for the tomorrow’s session. If it were to take out this range then the next resistance is likely between 8540 and 8570. Beyond that the level of 8600 would be the psychological target. On the way down unless the index falls below 8465, no significant threat to the bulls would be seen. However, any fall now taking the index below 8455 would negate the rally on last Friday.
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RESISTANCE: 8520, 8560, 8600
SUPPORT:  8480, 8440, 8400

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