31 August 2015


Despite hopes of healthy economic expansion data, the slide in Asian bourses and a weaker rupee dented the Indian equity market on Monday. The Sensex and Nifty broadly remained volatile on Monday ahead of economic data due later in the day amid concerns that the monsoon could be deficient this year. The  Sensex closed 109 points, lower at 26283. Nifty closed 30 points, down at 7971. The domestic markets on Monday opened with a negative note tracking the global cues. After that the markets remained sideways as of the lack of major triggers. Also the investors trimmed some of their long positions ahead of the GDP data which will be come out today after markets hours.
Closure of the bullish gap signals that it may move down further and close of the bearish signals that there is still more headroom on the higher side. 7950-7930 is an important support region and as long as this region holds on dips, the current trend remains up. 7900, 7840 are important supports, which, if breached will signal fresh weakness. A decisive breach of 7630 will signal resumption of the downswing. On the higher side, it has closed above 8020 region signaling strength but it must now move above 8080 for some meaningful pullback. A decisive move above 8290, where the 200 exponential moving averages is posited, will signal resumption of the long term uptrend.
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RESISTANCE: 8030, 8050, 8100
SUPPORT:  7980, 7930, 7880

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