“SELL VEDL FUTURE BELOW 157.70 TGT 156.40/155.20 SL
159.90”
“BUY BANKNIFTY FUTURE ABOVE 18750 TGT 18800/18850/18900 SL 18700”
Bulls can’t sustain in the market as the
bears took the driver seat & made nifty to witness the level of 8504. The
market opened marginally higher but slipped into the negative zone despite
positive global cues. The Sensex on Thursday tanked 205 points, while the
broader Nifty slipped below 7550-mark. The sensex & nifty edged
lower after hitting its strongest close in nearly a year in the previous
session as caution prevailed ahead of corporate results and investors awaited
progress on the GST bill. Sentiment also remained buoyant as a good monsoon
season so far lifted hopes of a revival in farm output as well as income and on
optimism over the GST bill’s passage. The market came down, as investors
failed to get a boost, with government expressing hope that the Rajya Sabha
will clear the GST Bill in the first week of August on the back of support from
regional parties. The Sensex ended with a loss of 205 points at 27711. The
Sensex opened at 27981 touched an intra-day high of 27989 and low of 27687. The
NSE Nifty closed with a loss of 58 points at 8508. The Nifty opened at 8583
hitting a high of 8585 and low of 8504.
The market will focus on ECB
rate-setting meeting later today. Last couple of days we've been going below 8500
and managing to close above 8500. So that's a positive takeaway for markets,
But to sustain in the market bulls have to cross the hurdle of 8550,tomorrow if
bears pulled nifty below the 8480 levels once again the level of 8400 going to
be seen in the market.
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RESISTANCE:
8550, 8575, 8600
SUPPORT: 8480, 8450, 8400
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