6 January 2016


“BUY NIFTY ABOVE 7777 TG 7820,7850 SL 7750”
Markets slipped sharply lower on account of huge selling pressure across the globe. Geopolitical risks posed by North Korea’s latest nuclear test and geopolitical tensions in the Middle East, China’s economic slowdown worries, weakening of rupee against dollar and weak global cues weighed on the sentiment of the street; thereby posting losses. Nifty shuts below 7750 mark. The Sensex opened at 25628, touched an intra-day high of 25633 and low of 25358. It finally ended with a loss of 174 points at 25406. The Nifty opened at 7788 hitting a high of 7801 and low of 7721, before ending with a loss of 44 points at 7741. The sentiment remained weak in the absence of any positive trigger amid sustained capital outflows by foreign funds.
The 7730 level was breached intraday but it closed above this level. A decisive breach of 7700 will give fresh momentum to the slide and a retest of the 7680, 7660, 7640-7600 is likely. 7635-7310 is a strong support region and aggressive traders can take go relatively small quantities long with strict stops if this region is reached and holds on for some time. A close below 7600 at this juncture will, however, spell more trouble for the bulls. On the higher side, though 7760 is the immediate resistance, 7780-7800 is the critical resistance zone which must be taken out for signalling strength and 7850-7900 must be decisively crossed to signal it is out of the woods.
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RESISTANCE: 7750, 7800, 7850
SUPPORT:  7700, 7650, 7600

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