27 November 2015


On the first day of December F&O series, Sensex and Nifty outperformed global peers on the back of buying demand among sectors like financials, metal and capital goods. Investors took fresh position on the first day of December series on hopes that the government would pass a key reform on a goods and services tax (GST) in the ongoing winter session of the Parliament. The Sensex closed higher by 170 points at 26128 and the Nifty rose 59 points to end at 7943. The impressive line-up of events as well as disappointing Q2 earnings will cause investors to be cautious on frontline names. Volatility could be high due to news flows from Parliament, auto sales numbers and RBI’s Monetary Policy in India and global factors such as continued nervousness in China and war on terror in the Middle-East.

The 7960 region is likely to offer some resistance and once this region is taken out, fresh momentum is likely and the index may then rally to the level of 7980 before making an attempt at the 8000 region. The 7920-7900 may now be considered a good support region and a decisive breach of this zone could lead to retest of the earlier supports. 7850-7810 is an important support zone and weakness will be signaled if breached. 7750 is the key support now and a break of this level will lead to panic offloading.
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Resistance: 7960, 8000, 8040

Support: 7920, 7780, 7740

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