3 November 2015


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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