The benchmark Sensex changed gears after six sessions of
loss and rebounded over 31 points in a choppy trade today after value-buying in
beaten-down blue-chips picked up, but fears over weak earnings weighed. The
gains marked a recovery from over a four-week low. The Sensex and Nifty snapped six-day
losing streak on Tuesday on the back of firm Asian cues. However, concerns
about earnings capped the gains. Sensex gained 31 points to close at 26590, while
Nifty future closed at 8075.
Nifty future closed below the 8100 in the last four weeks as
the bears tightened their grip. 8140-8155 is now the immediate resistance and a
level that must be taken out if the bulls have to regain strength. The next
supply zone is around 8170 and then 8185 level which must be crossed decisively
for any semblance of bullishness at this stage. On the lower side, 8040 is the
immediate support but the critical support at this juncture is around 8000 and
fresh downside momentum will be seen if this level is decisively breached.
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RESISTANCE; 8140, 8165, 8190
SUPPORT; 8115, 8090, 8065
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