16 June 2016


After taking a breather in the previous session, the bears were back on the driver seat. The indices extended decline to hit fresh intraday low in mid-morning trade. Weakness was seen in Asian indices after the Bank of Japan and the US Federal Reserve deciding to keep interest rates on hold weighed on domestic bourses. The Sensex on Thursday pared some losses to settle the day 200 points lower, while the Nifty ended below its key 8150-mark, tracking negative trend seen in global markets. The Sensex ended with a loss of 201 points at 26525. The Sensex opened at 26686 touched an intra-day high of 26686 and low of 26315. The Nifty closed with a loss of 66 points at 8141. The Nifty opened at 8181 hitting a high of 8180 and low of 8074. US Federal Reserve and Japan's central bank kept their respective monetary policies steady. Top losers from the Sensex pack are ICICI Bank, Maruti Suzuki, ITC, NTPC and Bharti Airtel, all falling between 2%-3%.

On the upside, the contract needs to decisively break through the key resistance at 8200 for an up-move to 8250 levels. Resistances above this level are at 8280 and 8300 levels. On the downside level 8050 will work as very strong supporting levels if nifty breaks 8050 level then once again the 8000 levels going to be the target for the bears.
For tomorrow make use of dips to go long near 8180 with sl of 8080
SUPPORTS: 8050 AND 8000


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