As we have predicted that nifty will continue it’s down
trend & could go the level of 7450 nifty, has breached the level of 7450 &
made a low of 7427 in trade on Friday. Nifty
slips below 7500; Sensex down 200 points. The Sensex plunges 350 points on
Friday after starting the session with a positive bias tracking negative cues
from global markets. The Sensex fell 318 points to end
below its crucial psychological level of 24500 on Friday, while CNX Nifty fell below its key
support level of 7450 and closed at 7437. The sentiments were weakened
as Brent crude slumped below the $30 per barrel after cracking over 4 per cent
in trade. Further, depreciating rupee against the US dollar and
disappointing quarterly earnings by index heavyweight and FMCG major also spoiled
the mood of the market. Market sentiments also remained down beat on report
that United Nations has downgraded its GDP growth forecast for India for 2016
to 7.5 per cent from 8.2 per cent estimated earlier, largely due to slow
progress in implementing reform policies.
On Monday if the bulls
manage to hold the Nifty above 7450 zone then they would try to push it up to
levels of 7500; however, the intraday volatility that we saw on today indicated
the nascent upswing has already run into rough weather. Thus, taking out the
zone between 7440 and 7465 would be very crucial if it were to turn into a
sustainable uptrend. In case, the index falls below 7405 on heavy selling it might retest the strong
support zone from 7380 and 7350.
More about intraday tips on Google +
Resistance: 7450, 7500, 7550
Support: 7400, 7350, 7300
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