Bulls and bears had a great fight in this passing week of June
2016. Where bulls were trying to take nifty above 8330 levels but bears build a
hurdle of 8150 which nifty could managed to cross. At the end bears won the
race & take nifty to 8170 below key support level of 8200. Today on week
ended Friday volatility was witnessed in the market. The Sensex ended 128
points lower, while the Nifty settled below its key support level of 8200.
The Sensex & nifty logged their first weekly fall in three as caution
prevailed ahead of the US Federal Reserve meeting next week and Britain's
referendum on European Union membership on June 23. The Sensex ended with a
loss of 128 points at 26636. The Sensex opened at 26723 touched an intra-day
high of 26972 and low of 26621. The Nifty closed with a loss of 31 points at 8172.
The Nifty continues to be stuck in the range of 8150-8300 all this week. Today,
it opened near 8200 and surged to test the upper end of the range. The contract
touched a high of 8299, but reversed. The range therefore remains intact.
For next week Intermediate support is in the 8150-8100 zone and
this is likely to be tested. A break below 8100 can drag it to 800. On the
other hand, a reversal from this support zone can see the contract retesting 8300
– the upper end of the range. Only a breakout on either side of 8100 or 8,300
will decide the direction of move. A strong break above 8300 can boost the
bullish momentum and take the index to 8330 and 8375. But if the contract
breaks the range below 8150 , it can fall to 8100 or 8050.
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Supports: 8150, 8100
Resistances: 8330, 8375
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