26 July 2016


A pull back rally was there on Tuesday. The market is reflecting a combination of cautious sentiments and profit-booking today. After NIFTY and SENSEX recorded huge gains on Monday, investors booked profits, partly due to the uncertainties surrounding the tax bill. The headline indices edged lower after hitting a near one-year high in the previous session, as investors exercised caution ahead of a government meeting to discuss the goods and services tax bill and central bank meetings in the United States and Japan. The S&P BSE Sensex on Tuesday slipped below its crucial psychological level of 28000 to settle the day 119 points lower, while the broader Nifty also fell below its key 8600-mark. The movement for the two key benchmark indices remained confined to a narrow range in early afternoon trade.

The Nifty opened and traded flat to negative, while the Sensex opened and traded flat to positive on mixed global cues. The BSE Sensex ended with a loss of 119 points at 27977. The Sensex opened at 28121 touched an intra-day high of 27150 and low of 27927. The Nifty closed with a loss of 45 points at 8591. The Nifty opened at 8634 hitting a high of 8645 and low of 8577. This is the F & O July series expiry week so volatility may continue for tomorrow also. For any uptrend nifty have cross 8600 again then only some recovery we can expect if 8550 crossed there will be higher probability to see the level of 8500 again. For tomorrow 8625-8645 will be the resistance levels where as 8550-8525 will work as a strong supporting levels for nifty.
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RESISTANCE: 8600, 8630, 8655

SUPPORT:  8570, 8540, 8510

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