“BUY NIFTY ABOVE 7844 TG 7860,7890 SL 7820”
Bears took charge of Dalal Street on Wednesday as the market
saw selling pressure in last couple of hours of trade today, weighed down by
technology, banking & financials and select oil stocks. The Nifty shut shop
below psychological 7900-mark ahead of expiry of December derivative contracts.
The BSE Sensex and NSE Nifty snapped a two-day winning streak on Wednesday on
the back of unwinding of long positions ahead of the derivatives expiry, coupled
with profit bookings. The BSE Sensex opened at 26124, touched an intra-day high
of 26130 and low of 25939. It finally ended with a loss of 119 points at 25963.
The NSE Nifty opened at 7939 hitting a high of 7945 and low of 7898, before
ending with a loss of 33 points at 7896.
The 7875-7855 region is now an immediate and important
support and as long as the 7530 level holds on declines, chances of a strong
rally from here remain. On the higher side, though 7960 is the immediate
resistance, the next major supply zone is now around 7980-8000 and fresh
momentum may be expected if this region is decisively crossed. A close below 7865-7850,
however, at this juncture will spell trouble for the bulls.
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RESISTANCE: 7950, 8000, 8050
SUPPORT: 7900, 7850, 7800
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