21 July 2016


“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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