2 November 2016


The Bears (tortoise) winner of the day as the bulls (rabbit) kept on sleeping.  The Sensex and Nifty staged a gap down opening in trades today on the back of weak global cues. The market dropped the most in four-weeks tracking a rout in global equities amid mounting anxiety ahead of next week’s American presidential election. The Nifty slipped below its crucial psychological level of 8550 weighed down by losses in realty, power, oil & gas, metal, consumer durables, capital goods and banking stocks. Finally, the BSE Sensex ended with a loss of 349 points at 27572. While, The NSE Nifty closed with a loss of 108 points at 8518.
The Nifty has found a strong support at 8500 but the breaching of which will start a long spell of sideways movement with downward bias. Therefore, traders with a short-term perspective should desist from trading in the index futures contract as long as it trades in the sideways band between 8500 and 8450.
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Supports: 8500 and 8450
Resistances: 8600 and 8650

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