18 August 2015


"SELL NIFTY FUTURE BELOW 8450 TG 8420/8380/8365 SL 8590"
The Sensex and Nifty edged down in choppy trade on Tuesday as investors pared positions on risk aversion after a steep fall in Chinese equities, and on worries at home that the monsoon may be deficient. The Sensex ended 47 points lower at 27831 and Nifty slipped 11 points to close at 8466 after the Chinese markets slumped in trades today leading to sell off in the Indian markets as well. In the intraday deals on Tuesday, the Sensex opened on a positive note and at its day's high, the Sensex advanced 162 points while the Nifty touched high of 8525 and low of 8433. However, weakness in the Chinese markets had its effect on the Indian equities as well which came under selling pressure. Also, market sentiments were dented after ratings agency Moody’s Investors Service revised its forecast for India’s economic growth to around 7 per cent this year from 7.5 per cent because of lower-than-expected rainfalls in the monsoon season further dents market mood.
It was a volatile opening for Nifty future as it rallied to an intraday high of 8525, and slipped to a low of 8433 in the noon session. Neither did it cross the initial high posted in subsequent rallies nor did it breach the low on sell offs. It closed in the negative below the 8500 level. Some consolidation in the 8440-8530 region was seen after the big move on the previous day before the next trending move. On the higher side, 8500 is the immediate resistance above which 8540 is the next supply zone and this must be taken out before fresh momentum can be expected. 8590-8612 must be taken out decisively before the bulls can feel comfortable again. On the lower side, 8455 is the immediate support below which 8435, 8400 are important levels expected to give some support. Below 8400, the initiative will move in the hands of the bears. A decisive breach of 8370 will signal further weakness.
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RESISTANCE: 8500, 8550, 8600
SUPPORT:  8450, 8400, 8350                

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