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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