16 October 2015


Sensex snaps 3-day losing streak, ends 230 points up, Nifty at 8179 snapping the three days long losing streak, the domestic markets ended the day stronger as consumer stocks gained on hopes lower inflation and a larger-than-expected rate cut by the central bank in September would boost spending in the coming festive season. The sensex reclaim its crucial psychological level of 27,000 and ended the day 230 points up at 27010, while broader Nifty quoted 8179, up 71 points. Market sentiment remained positive with 21 of the 30 stocks ending the day in green.
We continue to expect the Nifty to remain within a small range of 8250 to 8050 whilst the 8250 mark is likely to act as a major hurdle for the bulls. It's advisable to stay light on positions and focus more on stock specific moves as Markets fell in the morning trade falling for a 10th straight month, data showed on Friday, while trade deficit during Investors had also been disappointed with some of the big earnings results this week. Daily support & resistance for intraday trader are as follow:
SUPPORT 8200, 8160, 8100
RESISTANCE 8300, 8350, 8400

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