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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