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Range bound movement was there in the
market today. The Sensex today fell by 43 points to close at over two-week low
of 25580. in choppy trading as renewed concerns over the health of Chinese
economy battered global stocks for the second straight day. The Sensex opened
at 25745, touched an intra-day high of 25767 and low of 25514. It finally ended
with a loss of 43 points at 25580. The Nifty opened at 7828
hitting a high of 7831 and low of 7763, before ending with a loss of mere seven
points at 7785.
Nifty has breached the below of 7800
level but it closed at 7785. A decisive breach of this support will give fresh
momentum to the slide and a retest of the 7750, 7720 region is likely.
7700-7680 is a strong support region and aggressive traders can take go
relatively small quantities long with strict stops if this region holds on for
some time. A close below 7650 at this juncture will, however, spell more
trouble for the bulls. On the higher side, though 7835 is the immediate
resistance, 7850 is the important level which must be taken out for signaling
strength and 7880-7900 must be decisively crossed to signal it is out of the
woods.
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RESISTANCE: 7850, 7900, 7950
SUPPORT: 7800, 7750, 7700
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