On week ended Friday 3 June 2016 bulls were trapped in the bears grip at the time of
closing. A bout of volatility was witnessed there in the market today. A
divergent trend was witnessed between the two key benchmark indices with the
barometer index, the Sensex, registering small losses and
the Nifty index registering minuscule gains on provisional basis. The
sensex declined 48 points at 26794, as per the provisional closing data. The
Nifty rose 1.85 points at 8,220, as per the provisional closing data.The Sensex
ended with a loss of 0.11 points at 26843. The Sensex opened at 26919 touched
an intra-day high of 27008 and low of 26817. The Nifty closed with a loss of
mere two points at 8221. The Nifty opened at 8246 hit a high of 8262 and low of
8214.
On
the upside, the contract needs to decisively break through the key resistance
at 8270 for an up-move to 8300 levels. Resistances above this level are at 8300
and 8350 levels. On the downside, At the down side level 8150 will work as a
very strong supporting levels if nifty breaks 8150 level then once again the
8000 levels going to be the target for the bears.
For Monday make use of dips to go long near 8210 with
sl of 8175
SUPPORTS: 8150 AND 8100
RESISTANCES: 8250 AND 8300
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