10 August 2015


Markets corrected in the last thirty minutes of the session owing to hurdles in the passing of the GST Bill along with some stock specific action as well. Sharp sell-off in the last 30 minutes of the trading following reports that the GST Bill is unlikely to be passed in the ongoing monsoon session of Parliament pulled the Sensex and Nifty down on Monday. As a result, the key benchmark indices pared their day’s gains and ended around 0.5 per cent lower than their previous close. The Sensex and NSE Nifty lost 134 points and 39 points at 28101 and 8525, respectively.
The Sensex opened the day at 28250 and touched a high and low of 28417 and 28017, respectively. The Nifty opened at 8577 and touched a high and low of 8621 and 8497, respectively.
For Tomorrow, the most critical level for the Nifty would be 8550, unless the index trades above this level, there would be no significant strength to talk about; on the contrary, staying below this level it opens doors for the bears to move in and sell. Even if it were to move up above 8550 during the session, unless the Nifty takes out 8585 – 8630 on large scale buying and high volume activity coupled with good fresh position build up in the derivative segment, the weakness signs will continue to act like an overhang. Immediate support on the downside is there between 8510 and 8480. If this were to be taken out then it might test 8460 through 8420 strong support zone. Major support rests between 8400 and 8350.
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RESISTANCE: 8550, 8600, 8650
SUPPORT:  8500, 8450, 8400           

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