"SELL HINDALO FUTURE BELOW 86.40 TGT 85.90/84.30 SL 87.80"
"BUY RCOM 52.5 CALL @ 0.65 TGT 1.20/1.70"
Volatility
ruled the roost. Fed rate hike is a worry not just for India but for all
emerging markets and it is this uncertainty which is turning markets more
volatile. Falling for a second straight day, the benchmark Sensex today
plummeted by 305 points to hit over two-week low of 25399 on speculations that
the US Federal Reserve may raise interest rate in June. Fears
that the US central bank may resume raising interest rates in the United States
as early as next month pulled global stocks lower and Indian markets followed
suit. Key benchmark indices continued to languish in negative zone.
The Sensex
after remaining in the positive zone briefly at the outset, slipped into the
red and touched a low of 25351 before winding up 304 points or 1.19%, to close
at 25399, its weakest closing since May 6. The Sensex
ended with a loss of 305 points at 25400. The Sensex opened at 25714 touched an
intra-day high of 25714 and low of 25369. The Nifty closed
with a loss of 87 points at 7783. The NSE Nifty opened at 7785 hitting a high
of 7876 and low of 7775.
Nifty is
trading in consolidation since last week. Nifty would recover only if it breaks
out of 7900 levels. Further 7965 followed by 7985 levels will act as the
resistances. On the downside, if Nifty breaks below 7750 it can touch 7720
followed by 7700.
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RESISTANCE:
7900, 7950, 8000
SUPPORT: 7750, 7730, 7700
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