11 August 2016


18.50/22.60 SL 4.50"
"SELL MARUTI FUTURE BELOW 4890 TGT 4870/4862 SL 4908"
The market opened flat, but bearish sentiments took place quickly, sending the Sensex down by over 70 points to around 27700 & Nifty also slipped below the key 8550 levels briefly.  Markets struggle in noon trade with Nifty turning flat. A late recovery helped markets end higher in a session marked by volatility. The Sensex ended 85 points higher at 27859 while Nifty settled at 8592, up 19 points. The market see-sawed between negative and positive zone due to profit-booking by funds and retail investors in recent gainers amid weak global cues. Overall sentiment remained cautious amid concerns over valuations. There are valuation worries, but there is a lot of liquidity which is keeping the market afloat. Traders remained cautious ahead of June IIP and retail inflation data for July to be released tomorrow.
The index closes below 8550. This is a sign of weakness; however, unless follow on selling comes tomorrow to tilt the scales in favor of the bears, there is still not much to worry. What we need to watch out for is its ability to hold above the 8500 level if there were to be any fresh weakness in tomorrow’s session. Staying above 8535 would mean getting some gumption back, and if it were to stay above 8555 then that would be the first sign of strength. On the downside, below the 8500 level strong support exists between 8465 and 8435 levels. Major support, of course, remains between 8400 and 8350.
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RESISTANCE: 8570, 8600, 8630
SUPPORT:  8540, 8510, 8680

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