Markets extend losses, Nifty below 8,250 Sensex opens down 28 points on profit booking,
weakness in Asian markets. The SENSEX fell almost 28 points in early trade
on Tuesday due to profit-booking by investors after recent gains amid mixed
Asian cues. The BSE Sensex and Nifty continued to
trade on a lackluster note in the late noon deals on Tuesday owing to selling
in metal, oil & gas and banking stocks. Earlier in the day, the Sensex and
Nifty traded in a narrow range. The Nifty touched high of 8,294 and the Sensex
touched high of 27432. On the Nifty, apart from TCS, other Tata Group companies
- Tata Power and Tata Motors - also attracted strong buying. Tata Motors and
Tata Power rose over 3 percent .
Today’s nifty also showed a range bound effect
around 10 AM to 1 PM. then it has given a good movement by forming a nice
candle pattern of reverse head shoulder and gone at selling with great
reversing from 8280 then nifty had given a proper indication of pure bearish
market from the neckline of candles at level of 8277 as today also there was
ending of reverse head & shoulder candlestick pattern. The market was too
volatile as we suggested you already that market will take a volatile range
after 15/oct and the same the market range is being seen in volatility form so
don’t take any kind of high risk & also trade properly with proper
TARGETS& STOP LOSSES by watching market put correct levels on your trades and
make good return on your investment/capital. Trade according to following
support & resistance to catch proper level at proper time &take good
return from such kind of volatility trending market.
RESISTANCE; 8265, 8280, 8300
SUPPORT; 8240, 8210, 8170
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