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A positive opening on firm global cues was followed by a steady decline and post noon Nifty futures turned range bound and closed the day in the negative. Markets witnessed sudden crackdown in the late trade after harsh exchanges between ruling party and the opposition on Goods and Services Tax (GST) Bill suggested the bill will not see the light of the day in the winter session. Extending losses for the fifth straight session, the S&P BSE Sensex ended the day 219 points down in Tuesday's trade, while broader CNX Nifty settled just a tad above its strong support level of 7770. The 30-share index ended at 25310, down 219 points, while 50-share index closed at 7701, down 63.70 points. Market breadth remained negative with 26 of the 30 Sensex components ending the day in red.
A decisive breach of 7700-7680 region is likely to lead to
further offloading by the bulls as the bears tighten their grip. If, however, 7700-7680
region holds, a weak pull back to the 7650-7630 region may be expected. It must
clear the 7800 region decisively for signaling that it is out of the woods.A positive opening on firm global cues was followed by a steady decline and post noon Nifty futures turned range bound and closed the day in the negative. Markets witnessed sudden crackdown in the late trade after harsh exchanges between ruling party and the opposition on Goods and Services Tax (GST) Bill suggested the bill will not see the light of the day in the winter session. Extending losses for the fifth straight session, the S&P BSE Sensex ended the day 219 points down in Tuesday's trade, while broader CNX Nifty settled just a tad above its strong support level of 7770. The 30-share index ended at 25310, down 219 points, while 50-share index closed at 7701, down 63.70 points. Market breadth remained negative with 26 of the 30 Sensex components ending the day in red.
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Resistance: 7750, 7800, 7850
Support: 7650, 7600, 7550
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