11 January 2016


Start-long positions at 7600. Start-short positions at 7520.
Big moves could go till 7700, 7800.
A long 7700c (63), short 7,600c (108) could gain 22-30 points if the 7,700 level is hit.
Start-long positions at 16150. Start-short positions at 15000. Big moves could go till 16300, 16450.
Bullish will be back in action !!!!!!

Sinking feeling!!!  The Sensex staged a strong recovery in afternoon trade after falling as much as 1.4 per cent or 335 points in early trade following a crash in China markets. Higher European markets helped the recovery of Indian markets. The recovery in Sensex was led by Reliance Industries which surged over 3 per cent.

After hitting fresh 52-week lows intra-day, markets closed the first session of the week on a dismal note as Asian shares wobbled yet again today as growth concerns in China led to a sell-off in Chinese equities. The upcoming third quarter earnings, which will kick-off from tomorrow as well as the announcement of key macro-economic data, have also put pressure on investors.  
The Sensex pared some of initial losses to end the day 110 points lower in trade on Monday. The Sensex opened at 24787, touched an intra-day high of 24962 and low of 24599. It finally ended with a loss of 109 points at 24825, while Nifty managed to settle above its key 7550-mark. The Nifty opened at 7527 hitting a high of 7605 and low of 7494, before ending with a loss of 38 points at 7564.
On Tuesday Nifty may open around the 7550-level. The moot point is whether it stays above the critical level of 7550 or not even if it were to open lower. If it manages to does that then only expect some pullback attempt? On the way up assuming the index opening lower around 7535 the first significant resistance to overcome would be found between 7585 and 7600. Unless the last closing level of 7564 is decisively taken out do not expect any sustainable recovery. On the contrary, if it slides below 7500-support area it may well slide down to test the next support range between 7480 and 7450.
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Supports: 7,500 and 7,450
Resistances: 7,600 and 7,650

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