10 February 2016


Worrisome Wednesday!!!! As usual nifty moved on our words today nifty slipped below 7200 and made a low of 7177. In today’s trading session the consolidation was there between the level 7250-7270. The Sensex and Nifty fell today and hit their fresh 52-week lows on rising concerns over a spike in bad loans of public sector banks amid global sell-off. Sensex closed 262 points down at 23758, while Nifty settled 76 points down at 7221.
Weakness in the Indian rupee against dollar too weighed on the market sentiment. Country's biggest lender SBI fell by 5% to Rs 159 ahead of its financial results, while banks-based index on BSE slipped by more than 2%. The NSE Nifty tumbled 82 points to close at 7215 after touching a low of 7177.The outlook is another weak start. Nifty may continue to struggle before a meaningful bounce back. The low of 7240 will remain crucial support for the Nifty.
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Resistances: 7260, 7298, 7352
Supports: 7212, 7162, 7145

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