9 September 2015


Bulls make a comeback today. The bulls rallied for the second day running to help indices reclaim crucial levels on China stimulus hopes; Nifty tops 7800. A spectacular surge in Tokyo lifted sentiment across Asia and India was no exception. Nifty opened on a strong note on Wednesday tracking firm global markets and continued across-the-board buying. Sensex and Nifty came of the intraday high levels in the late noon deals but continued to trade on a strong note. The Sensex soared 402 points higher to end at 25720 and the Nifty surged 130 points to close at 7819. The market bounced in the last two days, making 7540 as a crucial support from a short term view. Markets finished on a robust note for the second straight session with Sensex surging over 800 points in two days after signs of stability in Chinese markets and the highest single day gains posted by Japan's Nikkei boosted investor sentiment. Further, a strong rupee and broad-based buying across the counters led by index heavyweights aided the rally on the D-Street.
it closed comfortably above the 7800 level.it touched a higher high and closed in the positive. At this juncture, 7790-7770 is the immediate and critical support. It must sustain decisively above this level on closing basis to signal halt in selling. It must close above 7850 for the first show of strength, and above 7880 for some meaningful pullback.
For Nifty, however, there are two strong gaps which the index has to fill to stage a start of a strong uptrend, the first one is at 7950 and the major one is around 8050/8150 levels. Till then all the rallies may appear to be just short lived and could induce selling pressure at the resistances I mentioned earlier.
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RESISTANCE: 7850, 7900, 79500
SUPPORT:  7800, 7750, 7700

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