“BUY NIFTY FUTURE ABOVE 7330 TG 7370, 7399”
“SELL BANKNIFTY BELOW 14920 TG 14850, 14700 SL 15000”
NIFTY
Start-long position ABOVE 7370.
Start short position BELOW 7250
Big moves could go till 7450, 7150.
BANK NIFTY
Start-long positions ABOVE 15070.
Start short position BELOW 14800
Big moves could go till 15300, 14500.
Uptrend may continue.
Bears continued to grip the markets…!!!!The market cracked
heavily in trades today on account of massive selling in Asian indices.
Nifty surrendered all the gains of the previous day and more as it closed the
day in the negative. Snapping the rare gains of previous session, the Sensex ended
the day 417 points lower after tumbling as much as 640 points to fall below its
crucial psychological level of 24000, while Nifty breached its key 7250-mark in
intraday trade, but ended above 7300 levels. The falling spree on Dalal
Street reflect investor worries over slumping crude prices and volatility in
China's markets that continue to trigger concerns about the health of the
global economy.
The Sensex opened at 24326, touched an intra-day high of
24326 and low of 23840. It finally ended with a loss of 418 points at 24062.
The Nifty opened at 7357 hitting a high of 7471 and low of 7241, before ending
with a loss of 126 points at 7309.
On the upside, 7350 through 7380 would be the first
supply zone to watch out for—once this range is taken out we can expect another
dash at the 7400 or higher levels. Further up, resistance is likely to be felt
between 7450 and 7480. On the other hand, if it were to go down below 7235 and
sustain there it is likely to get good support between 7225 and 7200.
Resistance: 7350, 7400, 7450
Support: 7300, 7250, 7200
.
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