1 September 2016


The market continues to remain sluggish. The Indian stock market opened on a flat note Thursday as investors digested disappointing GDP and infrastructure output data and looked ahead to Friday's U.S. jobs report for clues regarding the Fed's next move. Sensex drops 28 points to end at 28423, while the Nifty falls 11 points to close at 8774. The Sensex opened at 28459 touched an intra-day high of 28548 and low of 28387.The Nifty opened at 8794 hitting a high of 8813 and low of 8760.

For several months now, the gush of liquidity globally has lifted market to the point where fundamentals do not really matter. While it is difficult to say where the liquidity-driven rally stops, the "easy-money trade" is over. It is clear that the Fed will hike rates at some point, even though we do not see a major correction in market. It is just that the market will go back to focusing on fundamentals. Today Nifty has closed on a bull note at 8774 .So tomorrow on upside first intra resistance is at 8815-8835 level. Next resistance is at 8850-8875.On downside first support is at 8760-8730 level. Next support is at 8700-8650.
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Supports: 8760 and 8700
Resistances: 8815 and 8850

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