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Lack luster of movement was there in the
market today. The Sensex and Nifty snapped four-day losing streak and ended
today's volatile session on a flat note. The Nifty & sensex almost 7%
tumbled in the last one week. The BSE Sensex opened at 23,060, touched
an intra-day high of 23161 and low of 22600. It finally ended with a gain of 34
points at 22986. The NSE Nifty opened at 7023 hitting a high of 7035 and
low of 6981, before ending with a gain of mere four points at 6981.
In our view,
first we could see a dip to sub-6900 levels, and a short term bottom might
happen; from that bottom we could well see a sharp short covering rally since
the rampant selling of call option for much lower premium seems to suggest these
call option writers could get trapped if such a rally were to happen. On the flip side, resistance is seen at 7055 and 7085 levels, but the major hurdle is in the 7060-7090 region and till such time that this region is taken out, any
rally may be considered as a pull back or of corrective in nature.
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Resistances: 7000, 7050, 7100
Supports: 6950, 6900, 6850
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