The week has started on bearish note. Today whole
market was in the favour of bears only. Strong selling pressure was there in
the market today. The stock market continued its downfall after a three day
break on Tuesday as dollar hit a 11 month high amid investors' hopes that US
Federal Reserve may raise interest rates, resulting in funds flowing from
emerging markets assets to the US. The market ended in the red as indices
extended their losing streak for the second consecutive trading session. Nifty
ended below the 200-DMA. The negative global cues, depreciating rupee and lower
crude oil prices dampened the sentiment. The BSE Sensex ended with a loss of
514 points at 26305. The BSE Sensex opened at 26810 touched an intra-day high
of 26809 and low of 26254. The NSE Nifty closed with a loss of 188 points at
8108. The NSE Nifty opened at 8285 hitting a high of 8289 and low of 8094.
From medium term perspective the key support is at
8100-8050 level. We expect this level as important one and likely to absorb any
further selling pressure. And most likely market to hold above this level. On
the upside supply is coming at 8250, breaking of the level market will find the
momentum which is lacking couple of days and will then set for moving above the
recent swing high at 8300 level.
Investor is advised to initiate long on a break above 8330 with a stop below
8230.
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Supports: 8100 and 8050
Resistances: 8200 and 8250
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