8 September 2015


"BUY 1 LOT RELINFRA 340 CALL @ 6.90 TGT 9.9/13.60 SL 2.40"
After witnessing a sharp decline in the previous six sessions, markets bounced back significantly in today’s trade tracking a rebound in Chinese stocks ilize the market while the meeting of industry chiefs with the prime minister on the state of the economy also helped sentiment. The rebound in global markets supported gains in the Indian markets. After 6 days of struggle, the bulls finally got some respite on Dalal Street. A relief rally across the globe also helped the market to bounce back. The Sensex rallied over 500 points and Nifty was above its crucial psychological level of 7,700 in the late noon deals led by buying in banking, metal, capital goods and power stocks. The Sensex was up 424 points at 25317 and the Nifty gained 129 points at 7688.
It was nightmare on D-Street yet again, as the previous panic bottom of 7667 was sold into and benchmark Indices slipped closer to the 7500 mark. A retracement from lows of August 2013 to highs of March 2015 offered first support in the zone of 7594 levels. Although the same was breached and a close below it was seen in yesterday's session, today's pullback of a whopping 150 and more points on Nifty, re-opens the scenario whereby the said support would still be valid, barring this one aberration
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RESISTANCE: 7720, 7770, 7820
SUPPORT:  7670, 7620, 7570

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