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It was a consolidation day for the market. Profit booking, after
two-day rally, drove the Sensex & nifty lower on Tuesday as investors
digested the RBI's decision to keep rates unchanged but worried about
inflation. The Sensex ended with a loss of 97 points at 28085. The Sensex
opened at 28289 touched an intra-day high of 28290 and low of 27957. The
Nifty closed with a loss of 33 points at 8678. The Nifty opened at 8727 hitting
a high of 8728 and low of 8638. The market had already run-up
substantially and so is likely to consolidate, making investors selective.
However, the underlying current still remains bullish and money will continue
to flow in. The next big trigger could be the progress on Goods and Services
Tax (GST).
For
tomorrow nifty now tests key resistance at 8680. A strong rally beyond this
level and the next key resistance at 8700 will strengthen the bullish momentum.
In that case, the contract can rally to the 8730 and 8750 band. But the
inability to move beyond 8625 will keep the index under selling pressure. A
decisive fall below 8600 can pull the contract down to 8580 and then to 8550
levels. The next key supports are at 8530 and 8500 levels.
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Supports: 8,600 and 8,580
Resistances: 8700 and 8750
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