The market ended with severe losses.
The Sensex was down 213.68 points at 27039 and the Nifty
slipped 61 points at 8171. About 1161 shares advanced,
1489 shares declined, and 186 shares were unchanged. Open interest studies
indicated series at the level of 8256 is an important resistance which must be
taken out for upside momentum. 8280, 8300, 8324, 8375 are important hurdles
leading to 8400. The immediate support is around 8130 but the strong support
for now is in the 8200-8100 zone and till such time that this region holds on
declines, the bulls will continue to hold fort.
The critical support is around
8180 and a decisive breach of this region will see the bears returning to the center stage again leading to panic selling if the 8120 support is also broken. Nifty witnessed a down trend today by giving low opening made a high of 8225
and a low of 8140.The range between 8200 and 8100 would be quite crucial as a
support zone for the index tomorrow
unless the Nifty shows the rate of 8210 decisively in the day’s session
bears would have no problem pushing it
further....In fact, bulls becoming
aggressive in trying to push the market up before they take out 8250 level could
well get trapped again. Thus, watching these levels would be quite critical.
RESISTANCE;
8220, 8270, 8330
SUPPORT;
8140, 8100, 8050
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