10 August 2016


Market mood stood down beat. The Sensex and Nifty slipped over a percentage point on account of selling in frontline blue chip counters.The Sensex closed 310 points down at 27774, while Nifty settled 102 points down at 8575. The Sensex ended with a loss of 310 points at 27775. The Sensex opened at 28,133 touched a high of 28143 and low of 27736. The Nifty started the session on a positive note at 8727. It subsequently recorded a high at 8728 levels. But, it began to witness selling pressure and fell below the immediate support at 8600.
Breaching key supports at 8650 and 8600 levels, the contract recorded an intraday low at 8575 levels. The contract is down 1% now. The near-term outlook is bearish as the contract has decisively breached key supports and is hovering below them. Traders with a short-term perspective can make use of rallies to initiate fresh short positions with a stop-loss at 8675 levels. Continuation of the down move can make the contract retest the supports at 8550 and then 8500. Further fall below 8500 can find supports at 8480 and 8450 levels. On the other hand, key resistances are placed at 8650 , 8675 and 8700 levels.
Supports: 8555 and 8500
Resistances: 8650 and 8700          

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