The S&P BSE Sensex ended
the day 145 points down in trade on Tuesday, while broader CNX Nifty closed below its key support level of 7,800. Sentiment
turned bearish as investors avoided building large positions in a
holiday-shortened week and ahead of the expiry of derivatives contracts next
Thursday. The 30-share index settled at 25590, down 145 points, while broad-based
50-share index quoted 7786, down 48 points. Market breadth remained negative
with 22 of the 30 Sensex components ending the day in red.
The market is heading into a choppy session and nifty
may move somewhere around 7750 over the next few days. We need to watch out for
the levels of 7650 on the downside and 7800 on the upside to start with. Chances
are if it were to stay above 7780 after opening we are likely to see it
retesting 7850. On the other hand, if it were to fall below 7650 on high volume
led selling then it can seek further lower levels and test 7600 through 7550
support area going forward.
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RESISTANCE: 7800, 7850, 7900
SUPPORT: 7700, 7650, 7600
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