The fall continued!!!! The Sensex on
Friday lost almost 39 points to close at over one-month low of 26265 while
broader Nifty held its crucial support level of 7950 to settle 115 points
down at 7954. Market breadth remained negative with 18 of the 30 Sensex stocks
ending the day in red. Disappointment over some results, including at Tata
Steel, also weighed on sentiment, but state-run lenders rallied after State
Bank of India recorded a better-than-expected 25 per cent rise in quarterly
profit. Markets think it will be hard for the Modi government to win Bihar
elections. That, coupled with somewhat in-line results, are weighing Investors will stay cautious ahead of Bihar
election verdict to be declared on Sunday, after exit polls on Thursday
suggested a neck-to-neck competition between the NDA and the Nitish Kumar-led
Mahagatbandhan.
This time, it was much bigger a
correction. Nifty opened slightly weak initially but then whole day it
capitulated in a narrow range. Finally tumbled to settle down near day’s low,
around 7950 mark.. Now, it appears further fall we have to witness before it
stages any major recovery. Technically, the range, 7990-8020, may act as
a critical zone to watch out for today also a minor hurdle. Even if nifty takes
out this range unless it stays over there for quite some time, no major
activity on the upside may be seen. Above 8020, next resistance would be there
between 8045 and 8055 area.On the other hand, initially 7955-7945 and
then, the range 7920-7900 would be the two major support levels to watch for
today if it were to open weak again and starts maintaining below 7990 – mark.
Monday
market is expected to take u turn position. As the nifty has closed down exact
at it’s pivot level.
RESISTANCE;
8020, 8080, 8150
SUPPORT;
7940, 7880, 7850
No comments:
Post a Comment