“SELL NIFTY BELOW 7820 TG 7890,7860 SL 7840”
In a volatile trading session, the domestic markets ended
lower on Tuesday, tracking muted trend seen in other Asian markets. Gains were
also capped on caution ahead of the expiry of derivatives contracts in a
holiday-shortened week. The Sensex ended the day 43 points down at 25775, while broader Nifty held its key
support level of 7800 and settled at 7831, down 17 points.
The market is too sluggish. Ever since the new
contract has come, the derivative market has become very quiet. A breakout from the range will be important since the
direction of breakout is likely to determine the trend and there could be
significant movement in the direction of breakout. The 7860-7880 remains the
critical resistance and the bulls must absorb the supply in this region and
move decisively above this zone for any show of strength. On the lower side, 7815
is the immediate support. 7780-7765 is an important support zone and weakness
will be signalled if breached. 7740 is a key support and if taken out may bring
in panic supplies and may lead to 7730, 7710 levels. Since Nifty future has
taken support around the 7820 level for two consecutive days, a breach of this
level will also be significant and chances are that if it is decisively
breached, the 7800 region too may come under pressure.
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Resistance: 7860, 7900, 7940
Support: 7820, 7780, 7740
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