26 October 2015


The market ended lower with the Nifty ending below 8300 mark. The 50-share index was down 34 points at 8260. The Sensex slipped 108 points at 27362. Equity benchmarks extended fall in late trade. The market continued to consolidate with a negative bias in afternoon trade with the Sensex falling 42 points to 27428. The Nifty declined 16 points to 8279. Asia markets opened in green in early morning trade as investors welcome the Chinese Central Bank's (PBO) interest rate cut for the sixth time in the past 11 months. The Sensex and Nifty witnessed some profit booking on Monday despite Asian stock markets gaining on the back of China interest rate cut for a sixth time in less than a year. Sensex closed 108 points down at 27361. Nifty closed 34 points down at 8260. China’s monetary policy easing took place on Friday after the close of markets in India. Regional shares rose on hopes the action would help jump start growth in the world’s second-largest economy.
The major resistance for now is around 8340 and above that it is likely to move up to the 8397-8400 regions with some resistance around 8375. 8280 is the immediate support but the major support for now is around 8220-8200 and till such time that this region holds on declines the bulls will continue to hold fort. The critical support is the 8180 zone and a decisive breach of this region will see the bears returning to the centers stage again leading to panic selling if the 8112-8100 support is also broken, though given the strength of the markets, this seems less likely for the present.
RESISTANCE; 8300,8370,8420
SUPPORT; 8210,8140,8100

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