2 September 2015


" BUY DLF 120 CALL @ 4.2 TG 6.7/9.8 SL 2.2 "
The market wobbled with no major support. Initially after a positive opening indices were hammered in last hour of trade on account of sharp selling pressure. Continuous sell-off by the foreign portfolio investors created a worrisome sentiment on the street. Even strengthening rupee couldn’t boost the sentiment. In a highly volatile trade, Today the index  Sensex  closed 242 points lower at 25453. The index fell for the third straight day in a row amid lack of directional cues from global markets. Bearish sentiments also dented investors' confidence at the wider 50-scrip Nifty. The Nifty closed 68 points lower at 7717.Both of these indices fell for the third straight day in a row.  The high intra-day volatility was caused due to the bearish cues coming in from the Asian markets. Investors are nervous about the evolving situation in China.
There has been a gradual shift in the trading range to the downside and after today’s breach of 7700 mark indicates that Nifty would further see weakness in the coming days. 7680 is the immediate support below which 7650 is an important support and a decisive breach of 7630 will signal resumption of the downswing. On the higher side, 7800 is the immediate resistance above which 7850 is another supply zone. It must sustain above 7900 initially then above 7950 and 8000 for some meaningful pullback. On the upside, a decisive trade will come, only when Nifty crosses 8200 and sustains above it.
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RESISTANCE: 7730, 7800, 7870
SUPPORT:  7660, 7590, 7520     

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