3 August 2016


Bears were the winner of today’s tug of war. The good gave witnessed today in the market between bulls and bears due to the discussion on GST bill placed in Rajyasabha. Finally, Sensex ended with a loss of 284 points at 27697. The Nifty closed with a loss of 78 points at 8544.  Extending downward trend for the fourth session, The Sensex plunges over 284 points to end at a three-week low of 27697 and Nifty cracked below the 8550-mark on lackluster global cues and a caution ahead of the decision on the landmark GST bill.
For tomorrow nifty now tests key resistance at 8600. A strong rally beyond this level and the next key resistance at 8650 will strengthen the bullish momentum. In that case, the contract can rally to the 8680 and 8700 band. But the inability to move beyond 8520 will keep the index under selling pressure. A decisive fall below 8500 can pull the contract down to 8450 and then to 8430 levels. The next key supports are at 8400 and 8380 levels.
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Supports: 8530 and 8480
Resistances: 8600 and 8650

1 comment:

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