4 January 2016


"BUY RELINFRA FUTURE ABOVE 602.50 TGT 605.90/608.70 SL 599.20" 
"BUY SBIN 215 PUT @ 4 TGT 4.80/5.90 SL 2.2"
The Sensex tanked by over 538 points in one of its worst falls in over three months to 25622., tracking global sell-off amid concerns over slowdown in China and escalating tension in the Middle East. In addition, Indias manufacturing sector output shrinking to a 28-month low in December and fresh weakness in the rupee, accelerated selling activity. After falling over 190 points in opening trade due to heavy selling by funds and investors, the Sensex continued to slide as selling pressure gathered momentum and tumbled by 538 points to 25,622. The Nifty dipped below the psychological 7800-mark by plunging 164 points to 7798. The Sensex closed 537 points down at 25623, while Nifty closed 171 points down at 7791. The Sentiment was hit due to a global sell-off, driven by weak China data amid growing tensions in the Middle East.
On the higher side, though 7850 is the immediate resistance 7900 is now the strong resistance and fresh momentum is likely once this level is decisively crossed. 7750-7720 region is an important support range. A close below 7705 at this juncture will, however, spell trouble for the bulls.
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RESISTANCE: 7850, 7900, 8050
SUPPORT:  7750, 7700, 7650

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