4 November 2016


The market fluctuated between gains and losses as a selloff in drug makers was countered by rally in FMCG companies.  The market has opened in green. The Sensex ended with a loss of 156 points at 27274. The Sensex opened at 27466 touched an intra-day high of 27499 and low of 27194. The Nifty closed with a loss of 51 points at 8434. The Nifty opened at 8503 hitting a high of 8504 and low of 8400.
The Nifty has closed below 8450. This is a sign of weakness; however, unless follow on selling comes Monday 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 8400 level if there were to be any fresh weakness in Monday’s session. Staying above 8450 would mean getting some gumption back, and if it were to stay above 8500 then that would be the first sign of strength. On the downside, below the 8400 level strong support exists between 8350 and 8300 levels. Major support, of course, remains between 8250 and 8200.
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Supports: 8350 and 8300
Resistances: 8450 and 8500

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