"BUY DLF 130 CALL @ 0.70 TGT 1.4/2.2"
The bear grip tightened on Wednesday as indices continued to
bleed further. Unabated selling pressure has now extended for the sixth
consecutive trading session with BSE Sensex and the NSE Nifty plunging almost
by 5% during this span. Besides global cues, local sentiment remains subdued as
the GST Bill, which is expected to get passed during this winter session is
facing fresh trouble. The opposition raised their decibel protesting against
Delhi High Court summons to Congress leaders, which led to Parliament
adjournment. The BSE Sensex ended with a loss of 274 points at 25036.
After opening lower at 25299, the Sensex touched an intra-day high of 25316 and
low of 25012. The NSE Nifty ended with a loss of 89 points at 7612. It
opened at 7695 hit a high of 7702 and low of 7606.
The selling pressure intensified with Nifty just managing to
hold on to the 7600 mark. Nifty is heading towards September lows of 7540 and
if it is unable to find any meaningful support around those levels, no
immediate respite is likely in the ongoing bear onslaught
The downswing gained momentum once the 7600 level was broken
decisively on enhanced volumes. The 7750-7800 region is now a strong resistance
zone and must be crossed decisively for signalling a halt in the selling and
nifty futures must close above 7850 to signal strength. 7550- 7705 region is
the last citadel for bulls, as of now, and once breached, fresh supply may be
expected as bulls further liquidate their positions. . Investors should
remain cautious and increase their cash holding for better bargains in the
coming days.
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Resistance: 7650, 7700, 7750
Support: 7600, 7550, 7500
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