3 September 2015


Markets shut the day on a firm note on the back of positive global cues. Encouraging data from the US lifted the sentiments across the globe. Low level buying and stable rupee also supported the indices The stock markets rose more than 1 per cent on Thursday, snapping three straight sessions of losses, as investors bought beaten-down stocks while upbeat US markets overnight also improved sentiment. The S&P BSE Sensex, which opened at 25614 points, closed at 25764 points - higher by 311 points from Wednesday's close at 25453 points. The Sensex touched a high of 25835 points and a low of 25555 points in the intra-day trade.
Nifty future opened on a positive note and there were a few attempts to move above 7900 as it tested the high of 7845 in intraday minor rallies but failed to hold at higher levels and moved down. It turned range bound for the better part of the day, taking support in the 7754 region but this support was broken in the last leg of the session. There was a weak pull back in the end of session and the 7750 region was not breached. This is the immediate support for this index and below this fresh selling may be expected and chances are that the 7700 region too will be breached as Nifty future moved down to test lower supports. 7630 is an important support and a decisive breach of 7630 will signal resumption of the downswing. On the higher side, 7850 is the immediate resistance above which 7900 is another supply zone. It must sustain above 7940 initially then above 8000 and 8080 for some meaningful pullback. 
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RESISTANCE: 7850, 7900, 7950

SUPPORT:  7800, 7750, 7700     

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