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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